S&P 500
7,503.10
+0.65%
Dow Jones
50,809.00
+0.91%
Nasdaq 100
29,644.80
+0.86%
Russell 2000
2,874.48
+1.14%
FTSE 100
10,462.20
-0.36%
Nikkei 225
63,681.70
+2.58%
Live Nasdaq Composite: Bullish Sentiment Returns amid Fed Changing of Guard

Investing

24/7 Wall St. TV: Postal Layoffs Won’t Help

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published

Invalid Image
The US Postal Service may be able to drive up the national rate of unemployment all on its own. The USPS will offer 30,000 workers buyouts. It has 650,000 workers, so that number is not as significant as it may seem at first.

The Postal Service expects to lose $7 billion this fiscal year. It believes that the buyouts could save $500 million, which is not nearly enough to solve its financial problems.

[youtube=http://www.youtube.com/watch?v=CE6Is9zN8D8&w=560&h=340&fmt=18]

The radical cuts that the Postal Service will need to make are almost certainly going to have to be done in the next year. That could involve cutting service back from six days a week to four or five. It may also mean that mail delivery in rural areas, which are harder for the USPS to serve, could be cut even further.

Mail is becoming an anachronism and that means the USPS, as America has known it, will be gone soon. Many people will not even miss it.

For more 24/7 Wall St. TV visit us here.

Executive Producer: Philip MacDonald

Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

US Postal Service To Offer 30,000 Workers Buyouts

The US Postal Service may be able to drive up the national rate of unemployment all on its own. The…

Who Will Deliver Your Mail If Post Office Collapses?
Douglas A. McIntyre |

Who Will Deliver Your Mail If Post Office Collapses?

For years, the cost of retirement fund payments has hung around the U.S. Postal Service like an albatross. According to…

US Postal Service About to Run Out of Money
Douglas A. McIntyre |

US Postal Service About to Run Out of Money

The postmaster general says the U.S. Postal Service could run out of money a year from now. That raises questions…

Douglas A. McIntyre |

Should the U.S. Seize the Postal Service?

ThinkstockThe mess that the U.S. Postal Service has become may be beyond solution, if the only rescue rests on borrowing from the…

Post Office Ruining First-Class Mail
Douglas A. McIntyre |

Post Office Ruining First-Class Mail

A higher price First-Class stamp is a temptation for the U.S. Postal Service to waste more money.

Paul Ausick |

Home Delivery of Mail on Its Way Out?

ThinkstockThe day when you merely had to open your front door to pick up your mail may be fading away.…

This Is the Most Expensive Country to Mail a Letter
Douglas A. McIntyre |

This Is the Most Expensive Country to Mail a Letter

The U.S. Postal Service (USPS) could not be in worse shape financially. This means, among other things, the possibility tens…

First Class Mail May Hit 58 Cents
Douglas A. McIntyre |

First Class Mail May Hit 58 Cents

The U.S. Postal Service (USPS) could not be in worse shape financially. This means, among other things, the possibility tens…

USPS Lists 20 Cities Postal Workers Most Likely to Be Attacked by Dogs After 6,755 Incidents in 2016
Douglas A. McIntyre |

USPS Lists 20 Cities Postal Workers Most Likely to Be Attacked by Dogs After 6,755 Incidents in 2016

[cnxvideo id=”655235″ placement=”ros”]The battle between dogs and postal workers has dated back so far that it has become a cliché.…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 10,892,126
HP
HPQ • Vol: 34,032,795
Qualcomm
QCOM • Vol: 20,863,534
NetApp
NTAP • Vol: 3,670,194
Hewlett Packard Enterprise
HPE • Vol: 15,753,818

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Take-Two Interactive
TTWO • Vol: 4,781,618
Charter Communications
CHTR • Vol: 1,175,057
Coinbase
COIN • Vol: 4,159,980
C.H. Robinson
CHRW • Vol: 653,338