Markets in Everything: NOT. U.S. Postal Service: Largest Drop in Mail Volume in 234 Years
The situation is so dire that the Postal Service, which is projecting a $6 billion shortfall by the end of September despite a recent postage rate increase, will go to Congress this month to seek emergency relief, looking to cut home mail delivery from six days a week to five. Already, the Postal Service has cut hours at hundreds of post offices across the country, including 56 of the Washington area's 386 outlets. It has consolidated routes, dropping 158 delivery routes locally, offered workers early retirement and imposed hiring and salary freezes. Still, said Postmaster General John E. Potter, the service is in "acute financial crisis."