The U.S. Postal Service is in danger of losing billions of dollars in the next few years, so in an attempt to check that money leakage, they’ve proposed some drastic measures, including cutting more than 150,000 jobs.
Along with the staff cuts, the USPS wants to extend delivery time for long-distance mail, raise the price of a first-class stamp to $0.50 and likely even end Saturday delivery, according to the Wall Street Journal.
If they don’t make these changes, they say in a letter to Congress urging them to take action on their suggestions, they’ll rack up losses of $18 billion by 2015.
“These prospective losses would be unsustainable and would cause the Postal Service to become a long-term burden to the American taxpayer,” Postmaster General Patrick Donahoe wrote.
Instead of losing money, the plan aims at returning the Postal Service to profitability within five years. They aren’t supposed to take taxpayer money, and are in debt to the Treasury for $12.9 billion right now.
Plan Calls for 50-Cent First-Class Stamp [Wall Street Journal]