Which brings us to today. It survived the Civil War, two world wars, the Great Depression, and the upheaval brought by the internet and email. Under a … The post office is now asking Congress for a $50 billion cash infusion along with a $25 billion loan. As I entered my office this morning, there sat a returned letter from the post office with $.05 postage due. Every community in America relies on the Postal Service to deliver vital goods and services, including life-saving medications.”. The post office is a government agency, but thanks to the Postal Reorganization Act, a law that was passed in 1970 in order to help modernize the post office… Postal Service Loses Almost $2 Billion – 2014. The rule has created an environment where packages are the post office's only profitable area. The postal service has lost money for 11 straight years, mostly because of pension and health care costs. The agency said on Monday that it lost $2 billion from April to June, compared with a net loss of $740 million in the same period last year, and a $1.9 billion loss in its first quarter. “The Postal Service is in need of urgent help as a direct result of the coronavirus crisis,” said the House Committee on Oversight and Reform. Medicines are going into people's homes through the post office," he says. Reuters/Brian Snyder. In fact, the post office has partnered with both companies in the past, like when it signed a deal in 2000 that contracted its air delivery of first-class, priority, and express mail to FedEx. But mail volume is way down, and the USPS is losing billions of dollars. This gave the post office an annual loss of more than $5 billion for the year. Postal Service (USPS) had largely completed Post Office Structure Plan's (POStPlan) implementation prior to a 2014 POStPlan arbitration decision and expected millions in cost savings. Clip: The post office stands to be swamped, overwhelmed, drowned in a sea of mail. It reported a $2.7 billion net loss in 2017 . COVID-19 has hit businesses and institutions across the country and around the world. Despite the dire warnings, however, the USPS received no additional funding in the $2 trillion coronavirus stimulus and relief package legislation signed by President Trump on March 27, 2020. “The Postal Service needs America's help, and we must answer this call,” said leaders of the Committee on Oversight and Reform. First-class mail, marketing mail, and other products the post office does not have a large competition for were all tied to the consumer price index, meaning it couldn't increase rates for those products above the rate of inflation. There were all sorts of backlogs, and sorting-room floors were bursting with unsorted mail. And without that revenue, the Postal Service would lose a lot more money than it is already losing. The Postal Service is losing money and needs to make changes. "It’s losing money because in 2006, the Republican-led Congress passed a law … There are several key reasons that the USPS is hemorrhaging money. Although the Postal Service lost money in the early part of the decade, in 2001 and 2003, the most significant losses came after the passage of a 2006 law requiring the agency to refund retiree health benefits. The post office is losing so much money because it is failing to adapt to the reality of the current market place mostly because government requirements and regulations won't let it adapt. In 2006, prior to the new bill, this was $1.6 billion for those who were already retired. But even that decline wouldn't put the post office in the negative. Not only do many of these restrictions not make sense, they directly undermine the success of the USPS. In its most recent annual report, the post office said it had incurred almost $78 billion in losses from 2007 to 2019. Clip: The Post Office Department is leading the search for better ways to process and dispatch mail in the shortest time possible. The Post Office’s mission has changed. The Post Office card account provides a simple way to receive pensions, tax credits or benefits, and withdraw them as cash at a local branch – with no overdraft, fees or charges to worry about. This model is similar to the way many other companies and corporations fund their own healthcare pensions. The U.S. The money to pay those claims came out of the Treasury Department. So, basically, the USPS was fine. Competition from UPS and FedEx made the post office innovate on its offerings, like introducing express mail. The postmaster general has told Congress she expects the USPS to be completely out of cash by September. Democrats and ethics watchdogs see the appointment as purely political, not just because of Trump's desire to reshape the post office, but also because millions of Americans may be forced to vote by mail this year, which means the future of the post office is likely to become a political issue this spring and summer, especially if its cash flow starts running dry. It sounded the alarm to Congress multiple times and was also the subject of a 2018 Trump administration report saying the pension obligation should be restructured. By using ThoughtCo, you accept our, COVID-19 Pandemic Threatens Postal Service Survival. Wonder why the post office is losing money. Competition from UPS and FedEx made the post office innovate on … These include falling demand for mail delivery, high employee costs, and surging benefits. A leading-edge research firm focused on digital transformation. COVID-19 has hit businesses and institutions across the country and around the world. The Post Office Lost $2 Billion In Just 3 Months. That is because as mentioned above, the USPS has some unusual expenses, imposed by Congress, that artificially depress earnings. Is End of Saturday Mail Delivery Such a Good Idea? Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. Postal Service Losing $42,335,766 Per Day – 2012. The post office attributed revenue increases to cost-cutting and growth in … By 2010, the post office's overall debt, which was just over $2 billion in 2006, had climbed to $12 billion. See also: Find Postal Service Jobs Without Being Scammed, "We must pay today for benefits that will not be paid out until some future date," the Postal Service said. Postal Service reports that it successfully boosted its annual revenue by $1 billion over the previous year to $70.7 billion, marking a … Not only do many of these restrictions not make sense, they directly undermine the success of the USPS. Lawmakers on Capitol Hill had tried to work aid for the Postal Service into the $2.2 trillion coronavirus relief packaged passed in March. However, without unreasonably burdensome restrictions, it would likely be a different story. The post office may be losing money, but Amazon is not to blame ... post office losses would be even greater,” said Satish Jindel, founder of the consulting firm ShipMatrix. Fact Check: Is The Post Office Losing Money By Delivering Packages For Amazon? The first one that comes to mind is — you guessed it — the coronavirus pandemic. The post office is meant to be self-sufficient, but it hasn’t broken even for years. Many would have us do away with the Postal Service altogether. Parcels are growing the Postal Service The Postal Service reported a … Account active If not for the 75-year pension and healthcare obligation, the USPS would have reported operating profits for the last six years. Post Office Has Boom Year, Loses More Money Than Ever Craig Eyermann • Tuesday November 27, 2018 12:30 PM PST • For the U.S. government’s 2018 fiscal year, the U.S. As you can plainly see, just five little numbers, quick as can be. Fewer mail pieces means lower revenue ($1B) [5] Figure 2 tells the tale; between 2007 and 2012, the … President George Washington signed the Postal Service Act, which authorized Congress to create the US Postal Service. There’s been a lot of buzz surrounding the United States Postal Service lately, from the speed of mail delivery to the uncertainty of its future.. Those measures include eliminating mandated retiree health benefit pre-payments; forcing the federal government to return Civil Service Retirement System and Federal Employee Retirement System overpayments to the Postal Service and allowing the Postal Service to determine the frequency of mail delivery. That loss is partly — but not entirely — attributable to the post office’s obligations to put money aside for retiree benefits that were awarded to employees (but were not pre-funded) in the past. Post Office. Medicines are going into people's homes through the post office," he says. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. The initial bailout bill Congress passed in March provided $13 billion for the post office, far less than the $25 billion the organization was seeking in the bill. It was set up more like a corporation than a government agency and had an official monopoly on the delivery of letter mail in the US. USPS just hired FedEx to haul mail for it for the next seven years... for $10.5 billion. “ The Post Office has lost money for years, though advocates emphasize it’s a subsidized government service rather than a profit-maximizing business like FedEx or … Reuters/Brian Snyder. “These negative effects could be even more dire in rural areas, where millions of Americans are sheltering in place and rely on the Postal Service to deliver essential staples,” the lawmakers warned. In 1896, it began delivering to some rural addresses, meaning residents no longer had to go to the town post office to get their mail. The funding requirement, as it currently stands, contributes significantly to postal losses.". Money Pit: The USPS Has Lost More Than $46 Billion Since 2007 – 2015. Clip: What a system! The USPS loses money, but cash flow has been more stable. May … Narrator: But what really transformed the post office into what we know today? This act changed all that. Competition from UPS and FedEx made the post office innovate on its offerings, like introducing express mail. The post office is losing a fortune, but Trump is wrong to blame Amazon. This would make it unable to pay its employees and could quickly cause disaster in mail delivery across the country, especially in rural areas not serviced by UPS and FedEx. The Post Office, like any organization, has faced its share of obstacles. That all changed at the end of 2006. If it needs to go from point A to point B anywhere in the US, the post office can do it. Naturally, the post office is not exempt from that impact, and it didn’t take long to feel its effects. In April 2020, lawmakers warned that losses related the novel coronavirus COVID-19 flu pandemic could threaten the Postal Service’s very existence. Here's the president yesterday at a White House meeting. It's also faced increased competition from private companies that has hurt its more profitable services. A Facebook post said: "The Postal Service is not losing money because of Amazon. But nothing changed. Post Office Pensions: Some Key Myths And Facts. Postal Service Wants to Offer Payday Loans, The Mail is Arriving Way too Late, Watchdog Reports, Find Postal Service Jobs Without Being Scammed, Mail Delivery Could be Even Slower Than USPS Admits, History of the United States Postal Service, Living Past 90 in America is No Decade at the Beach, How the Votes Are Counted on Election Day, Code of Ethics for United States Government Service, Go Green Forever Stamps Good for the Environment, Republicans Move to Cut Federal Workforce, Postal Accountability and Enhancement Act of 2006. Without these burdensome requirements, the USPS would neither be losing money nor experiencing its … Additionally, the new bill restricted the post office's ability to set prices. President Trump has repeatedly attacked Amazon and the U.S. Naturally, the post office is not exempt from that impact, and it didn’t take long to feel its … US Postal Service Announces $5-Billion Loss – 2015. The 497,000 Americans who rely on the USPS for their jobs, and the 329 million Americans who rely on it for paying bills, medication, and everything else the USPS delivers through rain, sleet, snow, and even pandemics. The United States Postal Service is hemorrhaging money -- $25 million a day to be precise. By Letter to the Editor. USPS just hired FedEx to haul mail for it for the next seven years... for $10.5 billion. First-class and marketing mail have plummeted, and the post office expects a $13 billion decline in revenue. This creates a $6.5 billion annual shortfall that could easily be avoided.” The solution, O’Rourke says, would involve three steps: The results marked the 13th consecutive year the mailing agency lost money, although USPS did post a slight uptick in revenue to $71.3 billion. Clip: HR 6407, a bill to reform the postal laws of the United States. In fact, from 2003 through 2006, USPS recorded a total $9.3 billion profit. And those at risk? There is much criticism of the Postal Service for losing money. $2.7 billion in 2017. Isn’t the post office losing money? Though the Postal Service is bleeding money, it receives no tax dollars for operating expenses and relies on the sale of postage, products, and services to fund its operations. Postal Service Is Still Losing Money, but Not Quite as Much. Is the post office making or losing money delivering Amazon packages? The US Postal Service has been delivering mail since before the Declaration of Independence was even signed. Postal Service continued to bleed money during its second quarter, despite an increase in package revenues and an emergency price hike that took effect in January. In 2017, the service lost $800 million on $69.7 billion operating revenue. Combined with a postal worker strike in March of 1970, led to the Postal Reorganization Act and established the United States Postal Service as we know it today. The post office has been operating without any taxpayer money since. So why is the agency losing money? ... the Postal Service wouldn't be losing money if it charged more to Amazon and ... the post office … It operated at a loss in the first couple years of the 21st century, but by 2003, it was back to operating at a profit. “The post office is literally going to run out of money because of this pandemic,” Dimondstein said. If you have a story about the coronavirus pandemic you'd like to share, email us at covidtips@businessinsider.com. The first one that comes to mind is — you guessed it — the coronavirus pandemic. If the letter from Uncle Ben arrived a day or so later, nobody fussed. 0 0. Post Office. As with many other industries, the coronavirus has taken its toll on the post office. However, President Trump threatened to veto any bill that bailed out the post office, so the bill was changed before signing to a $10 billion loan, 13% of the $75 billion it had originally asked for and another $10 billion to add to its debt. 1847 saw the first issued stamps. Its most popular product, first-class mail, has plunged 45 percent since 2000. "The Post Office has been losing billions of dollars a year for many, many years." This was not regular mail, but certified with a return receipt and the shortage was on the certified fee. The post office has been losing billions of dollars for years, but because the pandemic crushed mail volume, it’s on pace to lose at least $12 billion this year. Figure 1: Mail volume is down 60 billion pieces since 2007 (Billions of pieces) [4] Mail volume plunged not long after the Great Recession hit in late 2007. Visit Business Insider's homepage for more stories, coronavirus business & economic impact analysis, Laws requiring it to fund pensions for people it hasn't even hired yet have hurt the, It's likely to become a major issue this summer, as many voters may rely on it to cast their vote during the. It also set up the elimination of the post office's direct government subsidies, which were completely phased out in 1982. The postal service has lost money for 11 straight years, mostly because of pension and health care costs. Narrator: Enter the Postal Accountability and Enhancement Act, which was passed by the Republican-controlled Congress and signed into law by President George W. Bush. Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries. But it’s saddled by larger and longer-running issues than its work for Amazon. The reason is simple: more than 90 percent of mail is sent by … (SOUNDBITE OF ARCHIVED RECORDING) PRESIDENT DONALD TRUMP: The post office … The Next Bailout? Clip: What matter if it took two weeks to go from New York to Atlanta, over a month to St. Louis? And in 1963, zip codes made their debut. By Dave Edwards & Helen Edwards. The Post Office … But since its most lucrative service was first-class mail, the USPS didn't have to worry too much about competing with other companies. The agency blamed the losses on the recession that began in December 2007 and significant declines in mail volume as a result of changes in the way Americans communicate in the age of the Internet. Get it now on Libro.fm using the button below. On April 3, Trump said, "the post office is losing billions of dollars," at U.S. taxpayers' expense. Narrator: The act eliminated the post office from the president's cabinet and made the post office its own federal agency. Some post offices could also be closed—I think a third of them lose money. In 2017, the service lost $800 million on $69.7 billion operating revenue. Under the Postal Accountability and Enhancement Act of 2006, the USPS is required to pay $5.4 billion to $5.8 billion annually, through 2016, to pay for future retiree health benefits. Official site of The Week Magazine, offering commentary and analysis of the day's breaking news and current events as well as arts, entertainment, people and gossip, and political cartoons. The service was designed when it’s mission was primarily first class letters. It's true that the post office is losing money. said it doesn’t lose money on the agreement. “Based on a number of briefings and warnings this week about a critical fall-off in mail across the country, it has become clear that the Postal Service will not survive the summer without immediate help from Congress and the White House. Parcels are key. The arrangement has … Email, texting, and online payments had begun to chip away at the post office's main business, first-class mail, which had slowly been declining since its 2001 peak. There are several key reasons that the USPS is hemorrhaging money. Although the Postal Service lost money in the early part of the decade, in 2001 and 2003, the most significant losses came after the passage of a … WASHINGTON, Aug 11 (Reuters) - The U.S. It required the post office to calculate all of its retiree pension and healthcare costs for the next 75 years, including for people it hadn't even hired yet, and put away enough over the next 10 years to cover them. Narrator: In 1823, it started using waterways to deliver mail, then began using railroads. This established routes and made it illegal to open anyone's mail. This has caused various problems, like in 2009, when prices couldn't be raised at all on those products, because there was no inflation. Where do we go from here? Unlike the last three postmaster generals, DeJoy is not a career employee; he is a large GOP donor and the former CEO of a logistics company. Four charts explain the Postal Service’s financial struggles. The modern innovations of email, texts and the internet helped turn this into a money-losing business. So, can it be saved? By 1923, all houses were required to have a mail slot. First-class mail volume peaked in 2001 at 103.6 billion pieces of mail. In 1775, Benjamin Franklin was appointed postmaster general, and it was Franklin who handled the distribution of letters from Congress to its armies during the Revolutionary War. Parcels are growing the Postal Service The Postal Service reported a net loss of $2.7 billion for 2017. The timing for this was not ideal, either. However, with fewer people and businesses because of the COVID-19 outbreak, the quasi-governmental Postal Service—which relies on user fees rather than taxes—could be forced to close its doors as early as June 2020, lawmakers warned. Subscriber The post office has been operating without any taxpayer money since. Some of those could probably be cut. By the end of the decade, the semi-independent government agency's losses had reached a record $8.5 billion, forcing the Postal Service to consider seeking an increase in its $15 billion debt ceiling or face insolvency. No Wonder the Post Office Is Losing Money! And then, in early May, Trump appointed Louis DeJoy the new postmaster general, and he will take the reins of the organization on June 15. Then you have about 250 big distribution centers. At the time, Postmaster General Megan Brennan bluntly declared that the agency "cannot generate revenue or cut enough costs to pay our bills" and predicted that the … Postal Service reported yet another quarterly loss, a total net loss of $1.3 billion during its second quarter from January to March. According to the Times, the real financial problem facing the Post Office may have been created by Congress in the first place through the 2006 Postal Accountability and Enhancement Act. The post office has been operating without any taxpayer money since. By Dave Edwards & Helen Edwards. The Postal Service was considering a host of cost-saving measures including the closure of as many as 3,700 facilities, the elimination of wasteful spending on travel, the end of Saturday mail and cutting delivery to just three days a week. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. THEY LOSE A FORTUNE, and this will be changed. But it's currently more than $160 billion in debt, and it's telling Congress it will run out of cash by September and needs a $75 billion infusion. Reuters. It couldn't afford to make any payments into the fund from 2012 to 2016 and now owes about $55 billion related to its future pension and health benefit obligations. Official site of The Week Magazine, offering commentary and analysis of the day's breaking news and current events as well as arts, entertainment, … The Post Office Has Lost Nearly $20 Billion In Four Years – 2011. The Larry Doby Post Office is located at 194 Ward Street in Paterson, New Jersey, across the street from my congressional office. The post office is losing a fortune, but Trump is wrong to blame Amazon. Yet, the Post Office also has advantages, as Chris Edwards of the Cato Institute has pointed out. Parcels are key. Narrator: Every year, the United States Postal Service takes and delivers 142 billion mailed items. Another effort to close rural post offices never got off the ground because of expected opposition from Congress. The Postal Service said it had made "significant cost reductions in areas within its control" by 2011 but claimed it needed Congress to approve several other measures to boost its financial outlook. 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