May
17
2011

U.S.P.S. In Dire Financial Straits Says Donahoe

In testimony to a Senate subcommittee Tuesday, Postmaster General Patrick Donahoe said that without Congressional action, they would default on their future retiree health benefits.

“As things stand, we do not have the cash to make a $5.5 billion prepayment for future retiree health benefits due September 30,” Donahoe said. It was only 2 months ago when they announced that they would cut 7,500 jobs and close 2,000 post offices.

An often mentioned plan of switching to a 5 day delivery schedule could save $3.1 billion per year.

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