U.S. Postal Service to Make Staggering Cuts to First Class Mail
Facing a staggering drop in business and potential bankruptcy, the U.S. Postal Service is cutting back so severely that it is dropping the promise of overnight delivery.
Most Americans will see changes in the way their mail's handled only when mailing first class. The Postal Service says eliminating the overnight guarantee will trim two billion dollars from operating costs and help avoid bankruptcy next year. Other changes include closing half of the nearly 500 mail processing centers, eliminating 28,000 jobs.
The slowing not only affects first-class delivery but also periodicals like magazines that may now take up to nine days to deliver. All because more Americans are turning to the internet.
The Postal Service scoffs at the suggestion that this is the beginning of the end.
After reaching a peak in 2006, first-class mail volume is now at 78 million. It is projected to drop by roughly half by 2020.