Financial losses pile up for U.S. Postal Service
The U.S. Postal Service says it lost $2.2 billion in the three months that ended in June as the beleaguered agency — smacked by the coronavirus pandemic — piles up financial losses that officials warn could top $20 billion over two years.
The service reported a $4.5 billion loss for the quarter ending in March, before the full effects of the shutdown sank in.
In July, U.S. Senator Joe Manchin warned of letter to Postmaster General Louis DeJoy, asking for an explanation., saying he had received numerous reports from post offices and colleagues about service cuts or looming closures in West Virginia and elsewhere, prompting him to send a
“Our financial position is dire, stemming from substantial declines in mail volume, a broken business model and a management strategy that has not adequately addressed these issues,” DeJoy, the new postmaster …continued .
[Source: CBS News]