The Impact Of The Economic Crisis On The U S Postal Service

The impact of the economic crisis on the U.S. Postal Service: hearing before the Federal Financial Management, Government Information, Federal Services, and International Security Subcommittee of the Committee on Homeland Security and Governmental Affairs, United States Senate, of the One Hundred Eleventh Congress, first session, January 28, 2009.

The impact of the economic crisis on the U.S. Postal Service: hearing before the Federal Financial Management, Government Information, Federal Services, and International Security Subcommittee of the Committee on Homeland Security and Governmental Affairs, United States Senate, of the One Hundred Eleventh Congress, first session, January 28, 2009.

The U.S. Postal Service's (USPS) financial condition and outlook deteriorated significantly during FY 2009. USPS was not able to cut costs fast enough to offset declining mail volume and revenues resulting from the economic recession and changes in the use of mail, such as electronic bill payment. The USPS needs to restructure to improve its financial viability. Declines in mail volume and revenue, large financial losses, increasing debt, and financial obligations will continue to challenge USPS. This testimony provides: (1) info. on USPS's financial condition and forecast; and (2) the need for USPS restructuring. In addition, questions and issues are included for Congress to consider regarding USPS's proposal to reduce delivery from 6 to 5 days.

Provides an overview of the U.S. Postal Service¿s (USPS) financial condition, recent legislation to alleviate the USPS¿s financial challenges, and issues for the 111th Congress. Since 1971, the USPS has been a self-supporting gov¿t. agency that covers its operating costs with revenues generated through the sales of postage and related products and services. Recently, the USPS has experienced significant financial challenges. Contents: (1) Background; (2) Financial Difficulties, FY 2006-09: (3) FY 2010 Financial Condition; (4) Issues for Congress: Increasing Revenues: Altering Postage Rates; Reducing Costs; Reducing Pension Costs; Reducing the USPS¿s Retail and Nonretail Facilities; Reducing Mail Delivery from 6 to 5 Days/Week. Illus.

U.S. Postal Service: Financial Crisis Demands Aggressive Action