Any article about the Post Office’s fiscal issues that doesn’t mention the Postal Accountability and Enhancement Act (2006) isn’t telling you the whole story. People are mailing fewer letters — first-class volume dropped by 2.1 billion pieces last year. I say get rid of such laws, open them up to competition, allow them free reign in pricing their products and in hiring practices… And if they can still compete and stay break even or profitable, so be it. If the P.O. PBS — where thousands work so dozens can watch. Editor's Note: We invite comments and request that they be civil and on-topic. You cannot stop payment on postal money orders, but a lost or stolen money order can be replaced. Postal Service says it will be insolvent next month, and wants to lay off 120,000 people. Promise retirement benefits to government workers now, and put the taxpayers of the future on the hook for those benefits. "However, revenue growth in our package business will never be enough to offset imbalances in the Postal Service's business model, which must be addressed through legislative and regulatory reforms in order to secure a sustainable future," Brennan said. The U.S. Spending on salaries and benefits still increased by $1 billion, or 2%, and overall expenses jumped by $1.9 billion. Oh, and did you know that there are areas the USPS won’t deliver to (but FedEx/UPS will do so just fine)? For the second quarter, the service on Friday reported a a net loss of nearly $2.1 billion, an increase of $747 million over the year-ago period. There is a cognitive dissonance at play and it’s probably the reason nothing really ever changes when Republicans do govern. Postal Service lost more than $2 billion during the second quarter of the fiscal year, putting it on track to finish the current year more than $7 billion in the red—way worse than the nearly $4 billion in losses it posted last year. Those small towns are dependent on big govt. . If, when we give a bank a deposit, the money is the banks and the bank merely promises that we can have it back at a later date with some interest paid on the deposit.. …any USPS bank could use our deposits to pay down debt or fund liabilities? MYTH: Without these burdensome requirements, the USPS would neither be losing money nor experiencing its current and/or pre-COVID cashflow crunch. So I have some personal experience. Because it takes time for them to update their delivery areas to accommodate new construction. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. It has lost $65.1 billion since 2007. It’s unfortunately quite difficult to get folks to agree to a cut. But Postal Service revenue has mostly fallen or stagnated since 2008, when it hit a record $74.9 billion. In its second financial report of fiscal year (FY) 2020, the USPS posted a net loss of $4.5 billion, a 114.3 percent increase compared to the $2.1 billion loss in the second quarter of FY 2019. are post office employees even allowed to use email? If you’re an example of ordinary, I’ll gladly claim not to be ordinary. The USPS has lost $69 billion since 2007 and will continue losing money unless there are major reforms. Notice you don’t get bulk main and advertising from them. And rural post offices are closing left and right. For Fiscal Year 2019, the […] Because they have the lowest prices, and usually faster service than UPS/FedEx at the price point. The post office is obsolete. The USPS tracking app can’t even do that. I’m honestly surprised that this hasn’t been proposed yet. By that interpretation, the feds aren’t required to do defense either. "It’s losing money because in 2006, the Republican-led Congress passed a law … Priority Mail and First Class packages kicks the shit out of private services basically 100% of the time for small packages. Postal Service 'Unsustainable,' Says GAO. | Losses for the latest quarter ($2.26 billion) were up from $1.49 billion from the same period last year. As Reason's Peter Suderman wrote yesterday, this is "not a new idea, but it is a bad one.". Fredric Rolando, president of the National Association of Letter Carriers, said the increase in revenue actually demonstrated a “solid performance” by the Postal Service. Those changes will … Ponzi scheme. Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things aren’t looking so good as it heads into 2020.USPS has a whopping $120 billion in pension and other post-employment unfunded liabilities.That’s an amount equal to the GDP of Ukraine. Why not speech recording and playback? The New York governor says hospitals have to increase vaccinations—but there's a catch. Distilleries just learned that to cap off a brutal year, the FDA is charging them a fee normally reserved for drug manufacturing facilities. Is a bit puzzling that he’d go straight for picture transmission, text-to-speech and speech-to-text. “I drive through small towns all the time and can’t help but notice all the post offices.”. The increase was from 50 cents to 55 cents, or 10 percent. Post Office. A discussion of Post Office privatization is a great way to generate self-identification of hopeless losers who will never be relevant to worthwhile political debate in the United States. That is the government way of doing business. Its big losses are driven by a sharp increase in expenses, primarily workers' compensation costs, pension liabilities, and payments for retirees' health benefits. Overall the USPS isn’t TOO bad, but almost every problem I have is the incompetence of the actual post man, which didn’t used to be an issue. “An overhaul of banking and credit card systems floated this week by Sen. Bernie Sanders (I–Vt.) I blame poor management and generous benefits and questionable hiring practices. The Congress shall have Power To […] To borrow Money on the credit of the United States; […] To establish Post Offices and post Roads; […] To declare War […]. Then the cash will roll in. Postal Service (USPS) estimates of delivery mode costs and potential savings from converting to less costly modes show that door-to-door delivery is much more costly than delivery to a curbside or centralized mailbox and that USPS could achieve large savings by mandating large-scale conversions from door delivery to other modes. And the Postal Workers Union and its paid-for Democratic politicians will never let that happen. Terms Of Use, (Andre Jenny Stock Connection Worldwide/Newscom), D’OH! In its quarterly fiscal report, published today, the Post Office reported small decreases in mail volume and overall revenue compared to the same quarter of 2018. Your money order receipt will help you track your payment and show proof of value in case the money order gets lost, stolen, or damaged. How many stamps does the average voter use in a year anyway? I’ve seen plenty of UPS trucks in remote areas 50 miles from the nearest town – ANY town. Postal Service delivering less mail – it is now delivering fewer packages after it warned Congress it could run out of cash in the not so distant future. Or let’s make sure the Country is blanketed with internet access and the need for physical mail disappears . (Craig Eyermann, Independent Institute) The government-run U.S. After losing $1.5 billion in the first quarter of the current fiscal year, the Post Office has now lost $3.6 billion in just six months. The Postal Service has been losing money for years, but the need for mail-in ballots during the election has sharpened the focus on the carrier. Yeah, I do not mind paying a dollar per stamp and recieving mail only twice per week. Most towns that small would barely even have a post office, mind you. Well, at least the FedEx and UPS tracking apps can track packages through the USPS system. She noted management is continuing to make adjustments and cut costs, but reiterated her ongoing plea for Congress to provide reforms and for the agency’s regulators to give the USPS governing board more freedom to set prices. Corruption *AND* a money-losing operation! Lawmakers on Saturday are expected to vote on a bailout for the US Postal Service, which, on paper, has been posting huge losses for years. That’s what the militia clauses are all about. | The Postal Service announced a net loss of $2.1 billion in the second quarter of fiscal year 2019, an increase of $747 million over the same quarter last year ($1.3 billion in Q2 2018). If USPS charged $15 for every piece of advertising…but Congress won’t let them. The problem is not that the postal service is not private, it is the long term meddling by legislators affecting operations rather than just providing oversight. He was way overthinking it. Things work themselves out. However, the Postal Service’s costs are not similarly constrained. 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. Someone who moved into those areas would have had no expectation that this would change. 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