The USPS has operated at a loss since 2007. From 2008 to 2018, it reported $69 billion in losses. For the 2019 fiscal year, it lost $8.8 billion on $71.1 billion of operating revenue.
In the CARES Act, Congress provided a $10 billion emergency loan to the USPS.
The House of Representatives passed a bill on August 22 to provide $25 billion in additional government funding to the Postal Service.
For FY2024, the President’s budget includes a request of $75.5 million for the Postal Service Fund ''
Both the President’s budget and the USPS FY2024Congressional BudgetSubmissionrequest an additional $307.224 million
Additionally, the President’s budget requests $157.575 million to reimburse USPS
H.R. 4664would provide $35.4millionfor the PSF, which is $14.83 million below the FY2023 enacted appropriationand $40.1 million below the amount requested. S. 2309would provide $50.3 million
For FY2024, the USPSOIG and the President request $290.579million be transferred from the Postal Service Fund for the USPSOIG
The U.S. House of Representatives overwhelmingly approved a bill on Tuesday to provide the Postal Service (USPS) with about $50 billion in financial relief
Fair enough I meant they don’t get tax dollars directly since the 70’s people still think that’s the case. but the losses are all only because congress has made it impossible to make any money and has hamstrung usps for decades. Why should usps pre fund retiree benefits 50 years into the future? That makes no sense.
Why can’t usps make money on packages? Because they can’t raise prices without congressional approval. How does it make sense that if you have a small package it costs like $12 to ship ups but you can ship it usps for $6?
Imagine trying to run a business but you’re legally not allowed to raise prices when costs go up. With that being said, usps is one of the worst run businesses in the entire country by far. Every manager needs to be removed and replace some with competent people. It’s classic govt where nothing matters except trying to make numbers look good so you can get a bonus regardless of if it costs the post office millions. It’s really such a fucking disaster.
The Postal Regulatory Commission (PRC) released an independent actuarial report on June 30 which confirms that the Postal Service was overcharged $50-$55 billion for payments to the Civil Service Retirement System (CSRS) between 1972 and 2009. The report recommended an “adjustment” of $50-$55 billion in favor of the Postal Service
The whole thing is a shit show BECAUSE it is government-run.
The Constitution allows the feds to run a post office. That made sense back then.
But when Lysander Spooner tried to operate a competing company to deliver mail, the courts ruled that no private company could compete for local delivery.
That should change.
Let the private sector find a way to compete.
USPS is "private in name only," because it is bailed out with taxpayer money when it can't pay its bills.
GM had a similar problem with legacy retirement payouts.
USPS should have to figure it out, too, rather than getting Big Daddy Gov't to pay its bills.
Why not? Every other government agency MILKS the system. They want their piece of the pie too.
It’s not really milking though as usps doesn’t get any money from the govt.
False.
https://www.brookings.edu/articles/how-is-the-u-s-postal-service-governed-and-funded/
https://crsreports.congress.gov/product/pdf/IF/IF12516
https://web.archive.org/web/20220210010032/https://www.reuters.com/world/us/us-house-approves-50-billion-relief-bill-postal-service-2022-02-08/
https://reason.org/commentary/usps-has-120-billion-in-pension-and-other-post-employment-unfunded-liabilities/
Previous employees still getting a cushy paycheck has completely bankrupted the USPS. This is why Congress must keep bailing them out.
Fair enough I meant they don’t get tax dollars directly since the 70’s people still think that’s the case. but the losses are all only because congress has made it impossible to make any money and has hamstrung usps for decades. Why should usps pre fund retiree benefits 50 years into the future? That makes no sense.
Why can’t usps make money on packages? Because they can’t raise prices without congressional approval. How does it make sense that if you have a small package it costs like $12 to ship ups but you can ship it usps for $6?
Imagine trying to run a business but you’re legally not allowed to raise prices when costs go up. With that being said, usps is one of the worst run businesses in the entire country by far. Every manager needs to be removed and replace some with competent people. It’s classic govt where nothing matters except trying to make numbers look good so you can get a bonus regardless of if it costs the post office millions. It’s really such a fucking disaster.
https://apwu.org/news/prc-affirms-usps-overpaid-50-billion-retirement-fund
The Postal Regulatory Commission (PRC) released an independent actuarial report on June 30 which confirms that the Postal Service was overcharged $50-$55 billion for payments to the Civil Service Retirement System (CSRS) between 1972 and 2009. The report recommended an “adjustment” of $50-$55 billion in favor of the Postal Service
The whole thing is a shit show BECAUSE it is government-run.
The Constitution allows the feds to run a post office. That made sense back then.
But when Lysander Spooner tried to operate a competing company to deliver mail, the courts ruled that no private company could compete for local delivery.
That should change.
Let the private sector find a way to compete.
USPS is "private in name only," because it is bailed out with taxpayer money when it can't pay its bills.
GM had a similar problem with legacy retirement payouts.
USPS should have to figure it out, too, rather than getting Big Daddy Gov't to pay its bills.
Stamps now 73 cents...they raised prices