“We need to continue doing what we are doing — and we need legislation from Congress to change our business model so that we can be more flexible,” Corbett said at the in New York.
USPS has about $22 billion in assets and $113 billion in liabilities, including liabilities related to a law that requires the organization to “pre-fund” health benefits for future retirees. The Postal Service has asked Congress to change this law and make other legislative fixes, and until that happens, USPS will continue to do what it can on its own, Corbett said.
For example, the Postal Service is focused on boosting its shipping business. “Our package business is growing in double digits. We haven’t gotten back to profit, but we are cash flow positive,” Corbett said.
USPS recently announced plans to adjust some shipping prices to attract more business customers. The Postal Service also is streamlining its mail processing operations, which will allow the organization to invest in new package sorting equipment and other upgrades.
To see Corbett’s comments, watch his panel discussion on the Bloomberg site.
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