This story brings me to ask how much longer will we have mail deliver to our home mail boxes? It’s bad when our government can not manage their own business and at the same time want to take over private companies like GM and our Healthcare. Seem that the price of the stamp will go sky-high soon! When will it all stop?
The U.S. Postal Service reported a quarterly net loss of $3.5 billion on Thursday and said it probably will have a cash shortfall going into 2011.
The agency, which delivers nearly half the world’s mail, has reported net losses in 14 of the past 16 fiscal quarters.
Revenue in the third quarter that ended June 30 fell $294 million to $16 billion from a year ago, while expenses were $789 million higher at $19.5 billion, due largely to higher workers’ compensation costs and retiree health benefits.SOURCE
“Unfortunately, the Postal Service seems to be attempting to justify their proposed rate hikes of ten times the rate of inflation – a move that would drive away more consumers and worsen the financial situation they’re highlighting in this report,” said Tony Conway