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Post Office Lost $3.8 Billion In 2008
The U.S. Postal Service was $3.8 billion in the red in 2008.
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2 Comments 
WASHINGTON (November 16, 2009)—The U.S. Postal Service reported a net loss of $3.8 billion for 2008, which is about $1 billion more than in 2007.
The loss comes despite a reduction of 40,000 in career employees and billions in cost-cutting measures.
Postal Chief Financial Officer Joseph Corbett called the year "one of the most challenging in the history of the Postal Service."
The post office has been facing a decline in mail volume caused by the shift to the Internet, as well as the recession, which resulted in a drop in advertising mail.
Postmaster General John Potter is seeking permission from Congress to reduce mail delivery from six days a week to five.
The agency is consolidating mail facilities, looking to close some offices and looking for new sources of income.
Latest Comments
Another Example of Government Run Efficiency.
With email, online bill pay, UPS, Fedex, etc. who needs the post office? Every time I go there I have to wait in line 15 minutes for 1 postage stamp, because some genius decided they should get rid of stamp machines. Not to mention I am always greeted by a rude, inconsiderate, and often smelly individual behind the counter. Any wonder the post office is losing money?
