In the last fiscal quarter for 2012, the United States Postal Service amassed losses totaling $5.2 billion, or $57 million per day. The mail agency claims that a significant part of their losses, are due to expenses for future retiree benefits as mandated by Congress in 2006. These expenses alone, comprised $3.1 billion of the last quarter losses.
Income for the Postal Service has been reduced in part, by the increase in people and businesses switching to the internet for bill payments and letters. The Postal Service has been urging Congress to pass legislation to allow them to eliminate Saturday delivery and reduce annual health payments by more than $5 billion. To date, Congress is stalled on passing any such legislation.
Long Island Lawyer
Paul A. Lauto, Esq.