Did the USPS ever make a profit?
The U.S. Postal Service saw a $318 million profit in the first quarter of fiscal 2021, though it called the rare bit of good news ephemeral and promised a major reform package in the coming days.09-Feb-2021
A General Accountability Office (GAO) report found that USPS lost $69 billion over the previous 11 fiscal years—including $3.9 billion in fiscal year 2018. Then, a forecasted $6.6 billion loss turned into an $8.9 billion loss in 2019.20-Feb-2021
Is the USPS in financial trouble?
WASHINGTON, Nov 10 (Reuters) - The United States Postal Service (USPS) on Wednesday reported a net loss of $4.9 billion for the year ending Sept. 30, narrowing its losses over the prior year. USPS's operating revenue was $77 billion for the 2021 budget year, an increase of $3.9 billion, or 5.3%.11-Nov-2021
Overall it faces unpaid obligations of $63 billion, according to its most recent annual report. The bill forgives much of that debt.08-Feb-2022
Why is USPS so in debt?
The Postal Service's debt "is a direct result of the mandate that it must pre-fund the retiree health plan," the USPS Inspector General wrote in 2015. Some policymakers see a chance for reform without resorting to the controversial cost-cutting measures from Postmaster General Louis DeJoy.06-Oct-2020
That's because the post office is facing long-standing financial losses exacerbated by COVID-related staffing shortages and outdated technology. According to the USPS itself, the service will incur a $160 billion shortfall over the next 10 years.08-Mar-2022
Is the USPS self sufficient?
USPS's expenses and revenues USPS is expected to be financially self-sufficient, meaning that it is supposed to cover its expenses through revenues generated from the sale of its products and services. However, USPS's revenues do not cover its expenses.29-Sept-2021
USPS ended fiscal 2021 with a $4.9 billion net loss, its 15th consecutive year of net losses. However, that net loss is nearly half the $9.2 billion loss it reported in fiscal 2020, and agency executives say USPS remains on track to break even as early as fiscal 2023.10-Nov-2021
How long will USPS last?
DeJoy says USPS to run out of cash in late 2022 without 10-year reform plan | Federal News Network.05-Apr-2021
How Many USPS Packages Are Lost? About 3% of all mail pieces that are sent by the United States Postal Service are lost or damaged. Furthermore, Stamps.com calculates that this equates to almost 146 billion mailpieces every year!
Are USPS employees federal employees?
The US Post Service an independent agency The US Constitution explicitly establishes the existence of the US Postal Service, but although its employees are federal employees under the executive branch of the government the agency itself operates on a semi-corporate status.01-Oct-2021
the federal government
Do tax dollars go to USPS?
1 The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.17-Mar-2022
The service is about to set longer delivery standards for first-class packages, in a move that its regulator says will not have a big effect on its finances. More of your mail is about to get slower. First it was letters and now some packages may take longer to arrive.21-Apr-2022
Why does USPS lose so many packages?
Typical Causes of Lost USPS Packages The most common reason packages get lost by the USPS is because the address label falls off or the shipping label becomes smeared or illegible.
The Postal Service receives no direct taxpayer funds. It relies on revenues from stamps and other service fees. Although COVID-19 has choked off the USPS revenue in recent months, factors that arose well before coronavirus have contributed to the unsustainability of the Postal Service's financial situation for years.26-Aug-2020
How much money did the U.S. Postal Service lose last year?
WASHINGTON - The U.S. Postal Service today announced its financial results for the 2021 fiscal year ended September 30, reporting an adjusted loss of $6.9 billion for 2021, compared to an adjusted loss of $7.6 billion for 2020.10-Nov-2021
The USPS is a great employer that offers effective career progression for all employees regardless of their seniority or type of employment. It is easy to see why so many people are drawn to employment opportunities within the USPS.13-Apr-2022
Is the USPS cutting back?
Congress passes bill to shore up Postal Service without cutting back on delivery Congress mustered rare bipartisan support for the Postal Service package, dropping some of the more controversial proposals to settle on core ways to save the service and ensure its future operations.08-Mar-2022
The 10-year plan, called Delivering for America (DFA), was published March 23, 2021 and is intended to transform the postal service from an organization in financial and operational crisis to one that is self-sustaining and high-performing.12-Apr-2022
What is going on with USPS 2022?
New Service Standards 8/1/2022 USPS has introduced new service standards (estimated delivery times) for Retail Ground and Parcel Select Ground packages in the contiguous United States.4 days ago
Did the USPS ever make a profit?