The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday season mailing, Chief Financial Officer Joe Corbett said.
The service, whose fiscal year ended Sept. 30, lost $5.1 billion a year earlier. It announced the net loss today at a meeting at its Washington headquarters.
“We are walking a financial tightrope,” Postmaster General Patrick Donahoe said at the meeting. “Will we ever stop delivering the mail? It will never happen. We are simply too important to the economy and the flow of commerce.”In this climate, all those union employees are too important to let go. Too important to the economy? Hmmm.
FedEx Express, a subsidiary of FedEx Corp. (NYS: FDX) announced today that it has been recognized as one of the top 10 World's Best Multinational Workplaces by Great Place to Work® Institute for the second year in a row. The ranking is the world's largest annual study of workplace excellence and identifies the top 25 best multinationals in terms of workplace culture.
"I am delighted that FedEx Express has once again been named among the world's best multi-national workplaces," said David J. Bronczek, president and chief executive officer of FedEx Express. "This is the second consecutive year we achieved this prestigious global ranking. This award serves as another testament to our unique service culture and to our people and operating teams around the world who go above and beyond for our customers every day."Yes, the USPS is a critical part of our life. Yes, I think it should be privatized completely, with little or no government help. Let capitalism take it's natural course and force the USPS to streamline and become competitive. As the years have progressed, much of their business has been taken up by corporations not run by the government -- FedEx, UPS and the entire internet, to name a few. There are entrepreneurs out there who would be glad to pick up the slack, should the USPS be forced into a position where they couldn't function anymore. The unions don't help. I have relatives (staunch democrats) who work at the post office, who are constantly talking about the dysfunction caused by the union.
The last time I had to deliver something using the local post office, my experience was, to my surprise, pleasant. This was the exception rather than the rule. Speed is not of the essence when you're postal employee.