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Post office reports record loss of $15.9B for year

WASHINGTON — The struggling U.S. Postal Service is reporting a record annual loss of $15.9 billion.

The financial losses for the fiscal year ending Sept. 30 were nearly $11 billion more than the previous year.

The numbers cap a tumultuous financial year in which the post office was forced for the first time to default on more than $11 billion in payments to avert bankruptcy.

The mail agency for months has been urging Congress to pass an overhaul bill to let it trim letter delivery to five days a week and reduce annual payments for future retiree health care.

Postmaster General Patrick Donahoe says the large losses cannot be sustained.

The mail agency forecasts billions in additional losses next year as it awaits financial relief from Congress.

Comments

notblind 1 year, 5 months ago

Dear Postmaster General Donahoe, Just do what you need to do to cut costs. Quit delivering mail on Saturdays. Screw the dipsticks on capital hill. They aren't paying you any attention anyway. We also need all 50 state governors to start standing up to Washington's meddling.

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kevin 1 year, 5 months ago

And the P.O. is raising prices again, resulting in less and less mail. Junk mail goes right in the trash. It's time for their "union" to fess up to the huge pension costs and the terrible hiring practices. The people delivering our mail can't even speak English. If they do, you can't understand a word they are saying. I also get mail delivered to me that belongs to others. It took me 6 weeks to receive a letter returned to me. They have no clue how to run this place or to keep up with the future. For one, the supervisors/managers have no *guts to fire the bad employees. Maybe they are pressured not to do so because someone is close to getting their 30 fat year pension and they don't want to make waves with the union.

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Why_not 1 year, 5 months ago

Kevin, you should consider anger management treatment.

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kevin 1 year, 4 months ago

everyone that is a citizen in this country should be mad about all this, not like you, just take it in stride and go along with the crowd.

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notblind 1 year, 5 months ago

I my experience it's the supervisors/managers that are the problem. The clerks and mail delivery people are trying hard but the work environment is very corrosive with the crappy managers and uncertain future due to mismanagement and federal government meddling.

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kevin 1 year, 4 months ago

The non-Americans that hey are hiring can hardly speak English nor can they move as fast in doing their job. Hiring is a big issue with them. You reap what you sow.

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Sandykin 1 year, 5 months ago

The Post Office posted a nearly 16 billion dollar loss. Who pays for that? I hope it's not me, cos all I get is junk mail which goes straight in the trash unopened. I'd hate to have to cough up 16 billion just to have trash delivered to my house.

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Mack711 1 year, 5 months ago

@ notblind: had a talk with the mail person who delivers to our home. The mail has been coming after 6 PM. Was told that they are laying off a lot of the carriers and ones who handle the mail. It seems that the managers and executives, who are the large cause, are not being laid off. He thinks that most are being given increases while the carriers are having to do more, typical Government right. Had a chance to speak to our local post master about a problem. The postmaster had no idea how to handle the problem. Go into any post office of considerable size and they act like you are interupting their day. UPS and FED-EX are always glad to see you.

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notblind 1 year, 5 months ago

I used to be at the counter several times a week and got to know the local clerks pretty well. They are all different people when you get to know them. Otherwise you are just one of an endless stream of people lost in the sea of arcane regulations.

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kevin 1 year, 4 months ago

But they all voted for Obama. They must like regulations and great pay. They make a lot of money, try $40-$70,000 a year.

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SurelyNot 1 year, 4 months ago

When you think of it, what we pay to have a post go from Key West, Fla to SEattle, Wa is quite a deal. We pay so litle for such service. I agree we really don't need Sat. delivery. And we can secure 24 hr. service via Fed Ex or UPS. I am all for our US Post, but there are no fat cats in the postal service. We are simply spoiled.

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kevin 10 months, 3 weeks ago

Now the P.O. is trying to screw you by charging you with other rates. Mailed a 1.5 oz envelope. Instead of being charged about 75 cents, they charged me $2.09. When asked why, the woman said it was too thick and I had to pay parcel rates. All I had in it was a layer of bubble wrap over a picture. Never there again for anything but a simple letter.

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