What is this? The Postal Service is thinking about stopping mail on Saturday and maybe on the weekdays too!
Postmaster General John E. Potter said the economic fallout is causing a declining volume and revenue. Here's more:
In fiscal 2008, total mail volume fell by more than 9 billion pieces - 4.5% -compared to the previous year, Potter said. And the agency suffered a greater-than-expected net loss of $2.8 billion last year, he added.
"The real problem is that the Postal Service needs reform," said Michael A. Crew, professor of regulatory economics at Rutgers University, whose 2009 book "Handbook of Postal Reform" argues for USPS privatization.
"The Postal Accountability and Enhancement Act of 2006 was supposed to make the agency competitive and bring regulations into the 21st century," Crew added. "But it just painted over the cracks, and they're still struggling."
USPS is "a vital economic engine in our national economy," Potter said, noting that USPS is the country's second-largest employer and the mail affects both jobs and commerce.
"We could experience a net loss of $6 billion or more this fiscal year," Potter told the subcommittee. That shortfall would exceed the Postal Service's credit limit under current law.
"We believe that legislative relief is necessary to preserve the nation's mail system," Potter said.
Wow...What else is coming down the line