Rain, Sleet, or Snow Won't Do It But Unfunded Pensions TOTALLY Will
Pic credit: MTTS
Well, let's see if this solves all of the USPS's problems.
LA Times :
The discussed demise of Saturday mail delivery would become a reality early next year under a cost-cutting U.S. Postal Service plan unveiled Monday that would also slash thousands of front-line jobs.Part of the problem with the Postal Service, as reported last month here and CPA Trendlines, may be Sarbanes-Oxley compliance. Yes, you read that correctly: SOX has struck again. Still, SOX has nothing to do with the USPS's raging pension problem.
"Given the fact that we're facing such a huge deficit, we'd like to move as quickly as possible," Postmaster General John E. Potter told a news conference.
Faced with a projected $238-billion deficit over the next decade, the Postal Service board of governors approved the cuts last week and ordered Potter to submit the proposal to the Postal Regulatory Commission on Tuesday.
In addition to cutting one day a week from the delivery schedule, the proposal would eliminate the equivalent of 40,000 full- and part-time jobs, about 8% of the current workforce of 600,000. Officials said the changes would save the Postal Service a projected $3.3 billion in the first year and about $5.1 billion annually by 2020.
See also: The Mail: Sucking Harder Than Ever and Ernst and Young Expresses a Going Concern Doubt... on the Post Office?