United States Postal Service Racks Up Another HUGE Loss

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The United States Postal Service just ended their fiscal year on September 30th.  During that time period, the USPS lost $5.1 BILLION.  The only reason this figure was not $10.6 BILLION is because new legislation allowed the USPS to delay a $5.5 billion payment to a retiree health benefit fund.

The USPS needs to cut another $20 billion by 2015 to move back into the black.  On the table are more post office closings, dropping Saturday delivery, taking on non-mail related business and reducing retiree health costs.

The USPS saw their income drop about $1.4 billion dollars over the previous year.