Posted on 08/05/2010 9:41:55 AM PDT by Zakeet
The U.S. Postal Service reported a $3.5 billion loss in its most recent quarter Thursday, as mail volume plummets and retiree health care costs mount.
The USPS, a self-supporting government agency that receives no tax dollars, said operating revenue declined 1.8% to $16 billion during the fiscal 2010 third quarter compared to a year earlier, while operating expenses spiked 4.2% to $19.5 billion.
The quarterly loss was the fourteenth in the last sixteen quarters, the postal service said.
"A significant portion of USPS losses in the past few years has been due to an unprecedented decline in mail volume -- down more than 20% since 2007," the USPS said in a statement. "The replacement of letter mail and business-transaction mail by electronic alternatives continues to cause downward pressure on mail volume."
"Securing the fiscal stability of the Postal Service will require continued efforts in all of these areas, as well as further review of retiree health benefit prefunding," said postmaster general John Potter.
"It also will require that the Postal Service gain flexibility within the law to move toward five-day delivery, to adjust our network as needed, to develop new products the market demands, and to work with our unions to meet the challenges ahead," he added.
(Excerpt) Read more at money.cnn.com ...
Everybody needs to sign up for as much junk mail as possible to keep the USPS in business!
By the way...what can be done about junk mail? Antique spam! Is there a list you can get on, like to prevent telemarketing calls?
Maybe they need to raise the rates on bulk rate mail. I still seem to get plenty of it. Heck go to three day a week delivery for residential, MWF in some zips and TTS in the others.
Good luck defending the USPS. How many times have they been short and needed a cash infusion from the Government? Exxon operates the same way. Huge profits one year fund R&D for the next several years. The difference? Exxon never needs a bailout from the government. The problem you, and the USPS have is not that we don’t understand how the USPS works, it’s that we DO.
Amen. In fact, just scratch out “Resident”, write on it return to sender. Save a postman and charge the junkmailer twice. It’s win win
WOW you have a deluxe computer....!!
I am using a Everex desktop bought from Wal-Mart for $399 and it came with a flat screen monitor. Over 2 years old and working without a single problem.
Well email is free to me because I need internet anyway for my stock market trading.
It's like a bunch of toady villagers arguing over crumbs after the king robbed the bakery!
In business, when you see your market share being erased by the competition, you see your primary service or product becoming obsolete, etc., you change your business model to survive, and institute cost/expense savings measures. That’s what the USPS needs to do. However, it comes back to unions and union control.
They need to shed waste and pay for performance.
They need to develop new products and services to compete.
They need to launch a service model that brings in customers.
But alas, they’ll keep chugging along and try to maintain their bloated expense model by increasing the cost of stamps....
Don’t forget your internet monthly service bill.
Yes there is, I haven't had a customer request for the information in several years. Used to get them several times a month.
“Make all Post Offices double as Obamacare centers.”
Sorry...
The Obamacare Law makes your kid’s school a “Community Service Point” for all of this BS...
USPS Volunteers To Assist Feds — Police Protection For USPS Employees...
That was a start-up situation.
You'll have to try harder than that.
Your stock trading is secondary to your primary use which is posting on Free Republic.
You might get rid of USPS but getting rid of the checking system in this country is another matter ~ many people would think ill of you for doing that.
Ending the monopoly shouldn't be the same as ending the USPS :-)
The USPS did not start in 1973, so that was a “start up”? Right.
Btw,
How do they plan on paying for the $3.5 billion shortfall this year?
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