Sunday, August 2, 2009

U.S. Postal Service to lose $7 Billion in 2009

No one is talking about how much money the U.S. Postal Service (called USPS for short) continues to drain from the taxpayers.

No one, except the Journal of Commerce (good job folks).

The decline of 9.5 billion pieces in the USPS’ last fiscal year and 28 billion pieces in the current 2009 fiscal year will leave the USPS with a net loss of $7 billion this year, the GAO said, pushing the Postal Service’s outstanding debt to $10 billion. The USPS faces a $1 billion shortfall in cash that likely will grow next year as it faces another net loss.

click here for link

I doubt Congress has the stomach to face a major overhaul of the postal service at this moment.

However, they really need to do a pay scale review. My secretary's husband was working for the FBI in New Jersey. However, he applied for a job as a postal inspector because he could make $100,000.00 per year doing that, versus probably about 50,000 as a newbie FBI agent.

No wonder they are bleeding red ink.

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