U.S.P.S in Distress
February 5, 2009
On February 3, 2009, USA Today reported the U.S. Postal Service’s (USPS) worst financial crisis since 1775 when Benjamin Franklin founded it. Within the past two years, USPS lost $7.9 billion and has borrowed money to pay its bills. With 650,000 workers, the USPS is the country’s third-largest employer and has the nation’s biggest vehicle fleet. A reliance on electronic communications, combined with high gas prices substantial health care and retirement costs for its employees are primary reasons for the current Postal Service crisis. By law, the USPS can only raise postal rates on pace with inflation. The agency is considering several options including reducing postal delivery to five days a week instead of the current six days a week.
They’ve been through rain, sleet and snow
Now the Postal Service is short on dough
Stamps will again raise in price
Five-day delivery may suffice
They definitely need to change the status quo
Tags: 1775, 3rd largest employer, 5-day delivery, 650000 workers, Benjamin Fanklin, financial crisis, health care, high gas prices, inflation, lost $7.9 billion, nations biggest fleet, retirement, United States Postal Service, USA Today, usps.com
Posted on: February 5, 2009
Filed under: Other
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