Nov. 15, 2013
WASHINGTON (AP) — The U.S. Postal Service says it lost $5 billion over the past 12 months.
It's the seventh straight year the agency has reported a net loss.
Postal officials say the loss increases the urgency for Congress to let them end Saturday mail delivery and reduce payments for retiree health benefits.
The Postal Service has struggled for years with declining mail volume and required payments of $5.6 billion annually in health care costs for future retirees. It has defaulted on three of those payments.
Revenue from package delivery continued to grow, rising 8 percent last year. But that's not enough to offset losses in first class mail, which has been the post office's most profitable service.
The comments sections of Newsplex.com are designed for thoughtful, intelligent conversation and debate. We want to hear from our viewers, but we only ask that you use your best judgment. E-mail is required, but will not be displayed with comment.
As a host Newsplex.com welcomes a wide spectrum of opinions. However this is a site that we host. We have a responsibility to all our readers to try to keep our comment section fair and decent. For that reason The Newsplex reserves the right to not post or to remove any comment.
If you have any ideas to improve the conversation or this section let us know. Send an e-mail to email@example.com.
powered by Disqus