Summary
The United States Postal Service (USPS) is facing a financial crisis that could lead to running out of cash within a year. Postmaster General David Steiner warned Congress about the potential for interrupted service, especially affecting deliveries of essential items like prescription medications. Amazon, one of USPS's largest customers, plans to significantly reduce its use of USPS services.
Key Facts
- USPS might run out of money in less than 12 months without help from Congress.
- Postmaster General Steiner said that mail delivery could stop if USPS can't meet its financial needs.
- Amazon plans to reduce its package volume with USPS by up to two-thirds by September.
- USPS wants to increase stamp prices from 78 cents to as much as 90-95 cents.
- USPS has been losing money every year since 2007 due to decreased traditional mail use.
- USPS must continue delivering to 170 million addresses despite these financial challenges.
- Around 3.7 million Medicare enrollees rely on mail delivery where pharmacy access is limited.
- Any changes to service or price could significantly impact rural areas that depend on USPS.
