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Imagine someone pitching you this business plan: We’re going to slow down service and increase the cost to customers.
That is the new plan for survival of the U.S. Postal Service. Postmaster General Louis DeJoy announced this 10-year plan on Tuesday to save the mail service from its $87 billion losses over the past 14 years.
Currently, First class mail is supposed to be delivered in 1-3 days. The new plan will stretch delivery time to five days and it will cost more, although how much more has not been announced.
The plan also asks Congress to remove the Post Office’s obligation to pay out retirees’ health care in advance and require them to enroll in Medicare upon retirement. These health care costs have been a huge financial burden to the service since they were put in place in 2006.
