The U.S. Postal Service (USPS) is running out of cash. Since 2007, it has posted net losses nearly every year as letter mail, its core revenue source, has fallen by half. It has now hit its statutory borrowing limit, and its leadership has warned that it could be out of cash within the year, save for extraordinary measures.
In Washington, the debate is no longer about trimming costs at the margin, but about how deeply to restructure the Postal Service’s operations or overhaul its funding model. Lost in that debate are more basic questions: How big is USPS? And, how much of the economy runs through it?
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