Tuesday, March 02, 2010
USA Today reports that mail carriers may spend their Saturday's home watching college football this fall if their request to ditch weekend delivery is approved by Congress. I don't know about you, but, while I was aware that the Postal Service wasn't exactly killing it bottom-line-wise, it comes as news to me that they too are struggling with "massive debt".
The U.S. Postal Service will move this month toward reducing mail delivery from six days a week to five, a change Postmaster General John Potter has said is critical to reducing its massive debt.Is anyone not borrowing from the Treasury Department these days?
Potter said Monday he'll submit a formal request by the end of this month to the Postal Regulatory Commission, which must issue an advisory opinion on any change in mail service that would have national impact.
"We know we're going to have less mail in 2020 than we have today," Potter says. "We can't freeze wages. We can't freeze fuel costs."
Once Potter makes the request, the Postal Regulatory Commission will hold public hearings in Washington and around the USA and seek expert testimony, Commission Chairwoman Ruth Goldway said.
The Postal Service has already borrowed $10 billion from the U.S. Treasury. Potter says it expects to borrow another $3 billion this year, leaving it just $2 billion under the $15 billion cap set by Congress.
Wards of the state Fannie Mae and Freddie Mac along with the FDIC, the FHA, and other government agencies are already getting billions from Tim Geithner and the crew at Treasury or they soon will - what's a few billion more for the Post Office?