Postal Service (USPS) ran a deficit of $3.9 billion. “Quality delivery performance information is needed for USPS and postal stakeholders such as [Postal Regulatory Commission], Congress, business mailers and the general public to develop useful analysis that can help oversee or assess the balance between USPS’s cost-cutting to address its poor financial situation while maintaining affordable postal rates and providing timely, universal delivery service,” the GAO report said. USPS reports [4] that it expects costs to continue to rise: “Compensation and benefits expenses are planned to increase by $1.1 billion in FY2019, due to wage increases by $0.6 billion resulting from contractual general increases and cost-of-living adjustments.” The agency also expects its transportation and retiree health benefits expenses to increase by $1 billion. The Postal Service has a total debt of around $120 billion, according to the Government Accountability Office (GAO). There is little evidence that the Postal Service can turn its finances around on its own. Unfortunately, losses are the rule rather than the exception for the agency. Still, USPS has 500,000 employees and 600,000 retirees who receive health and pension benefits. [1] into the parcel delivery business. The agency has reduced its staff count, mostly by not replacing retirees, and has trimmed the number of post offices. here for reprint permission. A recent analysis proved that the postal service failed to attribute more than $2.5 billion to competitive services – essentially hiding the tax dollars it was using to compete against private businesses. When sending money by mail, use money orders as a safe alternative to cash and personal checks. Chart 5. Thursday, October 29, 2015, EXCLUSIVE: Biden's order to halt border wall construction is likely illegal, experts say, ‘Victory smoke in the Capitol, boys’: Affidavits reveal Capitol rioters trail of videos, media posts. According to the Tax Foundation, USPS has lost $51.7 billion since 2007 alone. here for reprint permission, Democrats question election results: ‘We just trust the machines, and we shouldn’t’, Governors move to bring National Guard home after troops treated like ‘servants’. Running an enterprise of this scale necessitates borrowing money to invest in new equipment and technologies. Meanwhile, customers, particularly in rural areas, grouse about service reductions. Only Congress can rescue the agency. Now business customers can calculate the cost of shipping…online! Then the Great Recession of 2008 struck, and corporations—which send the vast majority of all mail—pulled back. Its delivery fleet, for example, was mostly manufactured between 1987 and 2001 [8], and is prone to breakdowns and expensive repairs. “I am right about Amazon costing the United States Post Office massive amounts of money … This is exactly what has been happening to the Postal Service for years. Postal Service media resources, including broadcast-quality video and audio and photo stills, visit the USPS Newsroom . Retail Calculator; Business Calculator; New Business Calculator; Customs Form Indicator; Country Max Limits and Price Groups; Zone Chart; Pricing . USPS’s Credit Line Is Nearly Tapped ($Billions), USPS is a massive enterprise. It turns out the U.S. It turns out the U.S. USPS’s Costs Regularly Outstrip Its Revenues ($Billions). Even the USPS Inspector General seems confused about its core function, more regularly tending to the Postal Service’s latest business gimmicks than behaving like an actual watchdog. Simply fill in the blanks, and let our online calculator figure out your postage. It is very difficult to stay in business when costs exceed revenues. GAO: Timely mail delivery takes back seat, Biden’s bungled response to COVID-19 reveals Democrats’ shiftiness, States must stand up to feds to stop poaching of their power, Biden’s stumbling, bumbling first steps on COVID-19 expose his weak, feeble plan. And they certainly have not done what they should to stop the market abuse at hand. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. Postal Service (USPS) ran a deficit of $3.9 billion. A September 2015 report from the Government Accountability Office (GAO) found half of all mail in the U.S. goes unchecked for timely delivery. TOP STORIES Parler’s freedom from censorship comes at cost of users’ privacy, Quiz: Take the political scandals in U.S. history test, ‘We’re fighters here’: PragerU fights Big Tech’s ‘cancel culture and the mob’, 'New Cold War': Chinese president issues stark warning to Biden, Tulsi Gabbard slams 'dangerous' domestic terrorism bill 'targeting of almost half the country', Click Unfortunately, losses are the rule rather than the exception for the agency. It’s as though the agency does not even care to track helpful data that could inform its pricing — and possibly shore up its finances. This creates a $6.5 billion annual shortfall that could easily be avoided.” Last year, the U.S. Using the same data for a February 2019 report, the Washington Post estimated Trump's trips to Mar-a-Lago alone cost the U.S. taxpayer approximately $64 million during his first two years in … The postal service has lost money for 11 straight years, mostly because of pension and health care costs. How an Unfair Advantage for the Postal Service is Costing Consumers and Taxpayers ... sales tax on fuels, and parking tickets. Under a … The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations. And that puts the lie to Trump’s claim that the cost of the Postal Service’s alleged sweetheart deal with Amazon.com is ultimately “bourne [sic] … 1212 New York Ave. These five charts depict the immensity of USPS’s financial challenges. The 'unfair advantage' amounts to … Postal Service (USPS) has been caught in a … The GAO estimates USPS’s fund for paying retirees will be emptied sometime between 2030 and 2036. - Thus, the agency’s compensation costs rose $2 billion since 2015. Chart 1. No accounting method can fix woeful performance for letter delivery or inept leadership. Many of them were already transitioning from paper mail to electronic correspondence, and the financial crisis increased their incentive to bail from mail. It has lost $65 billion over the last 11 fiscal years. The Postal Service receives NO tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations. The agency’s retiree health benefits are in a far more concerning condition. Determining the cost of shipping domestically is now made easy. According to the Secular Policy Institute, religious groups receive $35.3 billions in federal income tax subsidies and $26.2 billion in property tax credits. For U.S. Given that the USPS doesn’t receive any tax dollars from Congress, how will it come up with the extra $2 billion? And as my colleague David Williams, president of the Taxpayers Protection Alliance, lamented a year ago, all of the USPS’ new ventures are merely deflections that amount to “re-arranging the deck chairs on the Titanic.”. That is an immense sum, particularly for an organization that shows little capacity to generate the revenues required to fund itself. Click New leaders at the USPS Board of Governors and the Postal Regulatory Commission have failed to implement any tangible changes to stop the bleeding at the USPS. This is a crisis for an agency whose business model all but ensures that its costs will rise annually. Tulsi Gabbard slams 'dangerous' domestic terrorism bill 'targeting of almost half the country' All of this occurs against the backdrop of well-documented financial troubles and a series of highly questionable business ventures. A FAIR study in 2017 found illegal immigrants are a net consumer of taxpayer benefits worth more than $100 billion a year, not including the cost of enforcing the border. PRESIDENT DONALD TRUMP: The post office is losing billions of dollars, and the taxpayers are paying for that money because it delivers packages for Amazon at a very below cost. Postal Service projects a deficit of up to $2 billion this year. In order to preserve and strengthen the constitutionally mandated Postal Service, an agency that receives no taxpayer money, we respectfully request you vote in favor of the USPS Fairness Act (H.R. “I am right about Amazon costing the United States Post Office massive amounts of money for being their Delivery Boy. Last year, the U.S. 1. But it has in recent years failed to pay towards its retiree health benefits obligations. Postal Service ® money orders are affordable, widely accepted, and never expire. USPS’s Retiree Health Benefits Will Go Bankrupt. 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