Monday, December 05, 2011

Postal Service finally admits the obvious, they are bankrupt

The real tragedy is that the talents of 10's of thousands of postal employees have been wasted for decades in an increasingly irrelevant endeavor.

WASHINGTON (AP) — Unprecedented cuts by the cash-strapped U.S. Postal Service will slow first-class delivery next spring and, for the first time in 40 years, eliminate the chance for stamped letters to arrive the next day.

The estimated $3 billion in reductions, to be announced in broader detail later Monday, are part of a wide-ranging effort by the Postal Service to quickly trim costs and avert bankruptcy. They could slow everything from check payments to Netflix's DVDs-by-mail, add costs to mail-order prescription drugs, and threaten the existence of newspapers and time-sensitive magazines delivered by postal carrier to far-flung suburban and rural communities.