USPS aren't exactly known for being the world's most punctual delivery service. But things seem to be getting a lot worse for them.
As reported by People, the USPS is apparently running out of cash. The Postmaster General, David Steiner, revealed the worrying circumstances to the House on Tuesday, March 17. This was during a hearing with the House Subcommittee on Government Operations.
"At our current rate, we'll be out of cash in less than 12 months," he said. "So in about a year from now, the postal service would be unable to deliver the mail."
Steiner explained that the only real solution to the money problem was for Congress to allow USPS to borrow more money. As well as this, he proposed higher postage prices among other reforms to raise the extra cash.
He said that this isn't a new thing. They've been operating under a shortfall almost every year since 2007. He explained that some regulations were holding USPS back.
"I like to say that in the time since peak 2006 mail volume, the postal service was thrown overboard... and instead of tossing us a life jacket, we were thrown an anchor," Steiner explained.
Videos by Wide Open Country
This Comes After They Walked Out of a Deal With Amazon
According to CNBC, the USPS seems to have dropped their partnership with Amazon on Tuesday, March 17. Amazon said that the postal service "abruptly walked away at the eleventh hour in December."
The worst part? Amazon said that they were working with the USPS "to increase... volumes with [the postal service], not reduce them." This is especially shocking as Amazon has been their largest customer for years.
And now, Amazon is looking to cut two-thirds of their volume with the postal service. "We've repeatedly requested engagement with Postmaster General Steiner to work toward a solution. We want to find a path forward, but that window is rapidly closing."
But now, it looks like the USPS is out of luck. And with things especially looking grim with their money problems, there doesn't seem to be any quick and easy solution in sight.
We hope that this doesn't lead to anything drastic. Lots of jobs hang in the balance.
