USPS Incurs $9.5 Billion Loss Despite Raising Stamp Prices

Contact Your Elected Officials
The Epoch Times Header

The โ€˜unsustainableโ€™ stamp price increases have had โ€˜disastrous effectsโ€™ on the postal organization, said a group of senators.

The U.S. Postal Service (USPS) incurred a significant increase in its losses this fiscal year, as revenues jumped but volumes dipped.

Net loss for 2024 fiscal totaled $9.5 billion, up from $6.5 billion last year, said a Nov. 14 statement from the agency reflecting its earnings. The $3 billion increase in losses occurred at the same time the agency had a slight revenue increase from $78.18 billion to $79.53 billion. The revenue uptick was not supported by an increase in mail volume, which fell from 116 billion units to 112 billion units.

According to the USPS Office of the Inspector General, the postal agency โ€œrelies almost entirely on the revenue generated from postageโ€ to cover the costs of delivering mail.

The jump in net loss occurred despite an increase in postal rates by the agency. This increase, implemented in January and July, was done in accordance with the 2021 Delivering for America (DFA) plan that calls for such annual hikes.

The 10-year plan is reportedly aimed at boosting USPSโ€™s financial situation.

The postal agency said that more than 80 percent of the loss incurred this year was due to factors โ€œoutside of managementโ€™s control,โ€ such as adjustments related to employeesโ€™ non-cash compensation, according to the report.

Postmaster General Louis DeJoy said the organizationโ€™s pricing and product strategies โ€œare continuing to improve our revenue picture and fuel market share gains in our package business.โ€

Nonprofit advocacy Keep US Posted criticized the USPS for its large losses, blaming it on the agencyโ€™s focus on the DFA plan. The $9.5 billion loss is more than $3 billion above projections, said the nonprofitโ€™s executive director, former congressman Kevin Yoder.

He attributed the losses to mail volume declines that negated the increase in package volumes. Yoder blamed DeJoy for pursuing the DFAโ€™s โ€œdisastrous postage increases and misbegotten focus on packages over traditional mail, which is still the largest revenue-generator for USPS.โ€

He attributed the losses to mail volume declines that negated the increase in package volumes. Yoder blamed DeJoy for pursuing the DFAโ€™s โ€œdisastrous postage increases and misbegotten focus on packages over traditional mail, which is still the largest revenue-generator for USPS.โ€

Byย Naveen Athrappully

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Artificial Intelligence Equals Awful Iniquities

WSJ article โ€œAI is Learning to Escape Human Controlโ€ said in 79 of 100 trials, the o3 AI code systems edited their own code to prevent human shutdown!

VIDEO: Deranged Feminist vs. Mating Ducks in Epic Public Meltdown

A middle-aged white lady lib harasses mating ducks to โ€œstop it!โ€ because the rough sex they enjoy appears non-consensual on the part of the female.

RFK Jr. Slashes ALL U.S. Funding For Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™

Robert F. Kennedy, Jr. recently pulled all U.S. government funding from Bill Gatesโ€™ Global โ€˜Vaccine Allianceโ€™ GAVI.

Seven Things Democrats Are Doing Wrong

Ask Democrat voters why Donald Trump was elected president again and you will get answers that show a lack of self-reflection and a ton of deflection.

Irrational Irritability

Democrats have become rabid dogs snarling at the sound of Trump's voice. The image of Trump causes them to bare their teeth and foam at the mouth.

US Streamlines Rule for Fining Illegal Immigrants, Will Issue Nearly $1,000 Daily Fines for Noncompliance

DHS and DOJ announced a new joint federal rule that streamlines the process of issuing fines for illegal immigrants, making it easier and more efficient.

Man Indicted on 12 Hate Crime Charges in Attack on Boulder Demonstration for Israeli Hostages

Boulder, CO man accused of hurling Molotov cocktails at demonstrators supporting Israeli hostages indicted by grand jury on 12 hate crime counts.

Newsom Signs California Budget Aimed at Addressing $12 Billion Deficit

Gov. Gavin Newsom signed California budget projected to close a $12 billion deficit through spending reductions on some of the stateโ€™s ongoing programs.

Western Battery Technology Aims to Leapfrog Chinaโ€™s Mineral Dominance

Chinaโ€™s stranglehold on the battery market could be loosened with tech that substitutes hard-to-source minerals with alternatives available in the West.

Termination of โ€˜Wasteful Contractsโ€™ Saves US Government $470 Million Last Week: DOGE

Over the past seven days, various government agencies have terminated 312 โ€œwasteful contractsโ€ with a ceiling value of $2.8 billion, the DOGE said.

Trump Says He Will Only Appoint Fed Chair Who Wants to Cut Interest Rates

President Trump said he may appoint someone who is more inclined to lower interest rates to succeed Federal Reserve Chair Jerome Powell.

Trump Says US Ending All Trade Talks With Canada

Trump posted he is ending โ€œallโ€ trade negotiations with Canada due to their plan to impose a digital services tax which affects U.S. tech companies.

White House Confirms US, China Have Reached Additional Trade Agreement

A White House official said the United States and China have reached an additional agreement as trade talks between the two nations continue.
spot_img

Related Articles