Postmaster General: Postal Service To Run Out Of Cash Next Year
No surprise here that two Trump administrations were enough to bleed an American institution dry.
If it continues business as usual, the U.S. Postal Service is on track to run out of cash for paying its workers and vendors in about a year and may have to stop deliveries, Postmaster General David Steiner told lawmakers this week.
This is the latest development in longstanding money troubles at USPS — a unique federal government agency that relies on stamps and service fees, not tax dollars, to deliver mail and packages six days a week to every address in the country. And let's not forget the absurd fund they're required to have on hand for retirements.
"I am not sure that the American public is aware that the Postal Service is at a critical juncture. I know that I wasn't aware of the extent of it before I took on this role, but at our current run rate and if we continue to pay our required obligations in the same manner as we have done in recent years, then we will be out of cash in less than 12 months," Steiner, who joined USPS last July, said in a written statement released ahead of a House Oversight subcommittee hearing on Tuesday.