Greece Is the Word for USPS, Donahoe Says

The U.S. Postal Service’s financial situation is starting to “look like Greece,” the Postmaster General told mailers last week, because of resistance to changing the agency’s obviously unsustainable cost structure. If Congress doesn’t allow USPS to change, Postmaster General Pat Donahoe told the Mailers Technical Advisory Committee by 2016 it will have $60 billion in annual revenue, but $90 billion worth of debt.

Postal executives told the mailers group that their long-term plan for turning USPS’s finances around has not changed significantly in the past two years, except that mail volume has dropped faster than they expected.