The U.S. Postal Service is fighting for its life.
The post office announced it's implementing nearly $3 billion in service cuts to avert bankruptcy — just one step of a larger cost-cutting plan. Mail will still be delivered, but it's going to take a little longer to arrive at its intended destination. Almost half of the 500 mail processing centers around the country will be closed as soon as next March and 3,700 local post offices are scheduled to shutter their doors to the public — moves that will effectively terminate 100,000 postal employees. The post office expects to report a record loss of $14.1 billion this year and owes billions of dollars to the Treasury Department for retiree health benefits.
A leaner and revamped post office should not be viewed negatively, Henry tells Aaron in the accompanying clip.Read More »from U.S. Postal Service Cuts Services to Avert Bankruptcy – Is it Enough to Stay Alive?