Read our, Yes, I want to receive occasional updates from partners. Second-guessing other people's parenting decisions has become a national pastime. Why? Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. The U.S. It is the only entity that can put something into a mailbox or through a mail slot. As with most big cities (Detroit, other midwest cities, etc) that have lost their economic purpose for existing, small towns that aren’t producing something useful economically are shrinking/right sizing themselves. I’ve seen a steady trickle of post offices for sale on the GSA auction site over the years. Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things aren’t looking so good as it heads into 2020. To quote in full; “To establish Post Offices and post Roads” Says nothing about staffing only with overpaid federal employees. I know of a number of towns/cities in Washington state where I live that are slowly bleeding population, because the industries that sustained them have dried up, often times because of government regulation. The USPS raised its rates last October, a move that will cost the e-tailer $1 billion in 2019, and that's on the basis of the postal service handling just 40% to 50% of Amazon's deliveries. Packers and Movers in Chandigarh Of course, they can turn a profit with the simple change of charging everyone the same amount to deliver a piece of mail. 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. The U.S. Look what happened ‘just a day after Bernie Sanders and AOC proposed turning the Post Office into a bank’, Bernie And AOC Talk of Turning Post Office Into A Bank, But They Just LOST $2 Billion In Three Months – Usa News-24, Bernie And AOC Talk of Turning Post Office Into A Bank, But They Just LOST $2 Billion In Three Months – News On-24, Bernie And AOC Talk of Turning Post Office Into A Bank, But They Just LOST $2 Billion In Three Months, After AOC & Bernie Talk of Turning Post Office Into A Bank, They Announce $2 Billion In Losses | News Thud, A Day After Sanders And Ocasio-Cortez Suggest U.S. And rural post offices are closing left and right. 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. It has lost $65.1 billion since 2007. libertarians are also in favor of privatizing defense. Those small towns are dependent on big govt. Why the hell don’t you have a mailbox??? CORRECTION: This article originally stated that the Post Office implemented a 5 percent increase in the price of a First Class stamp in 2019. Shipping revenue was up only 6% on the year, and actually declined in each of the last two quarters compared to the same periods a year earlier. Yeah I’ve seen those trucks hauling ass in the backest of the back roads and I was surprised. 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. Once the junk mail goes away, the payroll, and hence future pensions, can be dramatically reduced. The USPS, the US Postal Service, is not subsidized by taxpayers. Your grandfather’s best friend — no further proof needed. Ask yourself, ‘what would Amazon do?’. Update [09/26/2019]: September 21, 2019 marked the beginning of meetings between the UPU, U.S. Across the street (which was outside of the town – in the county) they would. I don’t know, but I’m tired of paying for your service. In other words, it would take a government agency that's already failing to compete with private sector alternatives in the shipping industry (despite massive structural advantages) and let it fail in competition against private banks as well—and would force poorer Americans to rely on that floundering institution as their primary provider of banking services. The USPS reported losses for fiscal year 2019 totaled $8.8 billion on November 14. The agency predicted that those changes would increase revenue by $1.7 billion—but expenses have been outpacing revenues by a wide margin. The USPS handles 47 percent of the world’s mail, delivering nearly 150 billion mail pieces annually. | But Postal Service revenue has mostly fallen or stagnated since 2008, when it hit a record $74.9 billion. EscherEnigma May.10.2019 at 6:09 pm “Both of which often use USPS for the last mile.”, And when they do my packages are often delivered to the wrong address. 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. Spending on salaries and benefits still increased by $1 billion, or 2%, and overall expenses jumped by $1.9 billion. Total revenue was $17.5 billion in the latest quarter which was down by $8 million over the same time period last year. The old M939 and M1088 series trucks are a good example; we pay about the same for each, even though the M1088 is superior in almost every way…. I’d just as soon keep it, since I’m still going to be stuck paying for the agencies that are not only useless to me but actually hostile. The post office is by far the worst most unreliable service. Post Office. The whole operation just seems like something from and for another time before phones and computers. I have a first class package which was shipped on 12/03/20. Postal Service in … UPS and Fedex, no problems. Whether you’re the recipient or sender, your time and in some cases, money is wasted anyway. Postal Service is the core of the $1.4 trillion mailing industry that employs more than 7.5 million people. State Dept. There should also not be other laws designed to hobble their private competitors. Its not a requirement for the government to do this, only something it *can* do – and it doesn’t have to do it itself. The Postal Service ended fiscal 2018 with a net loss of $3.9 billion. If you can fix it so I don’t have to pay for stuff I don’t use or want, you’re on. would effectively convert the Post Office into a bank of sorts, offering checking and savings accounts. The Postal Service has a legal monopoly to deliver first-class mail and non-urgent letters. The last few years I’ve literally been getting multiple people in the same week a lot of the time. That’s your argument against the postal service? AOC may have been right about something- Republicans want to take the battery out of the car, pretend it doesn’t work, then sell it off for parts. Well, the economy is doing well in ways that were considered impossible under Obama…so, yeah, you got a point. The Post Office has lost $69 billion since 2007, and it probably would have gone bankrupt long ago if it were a private entity—FedEx and UPS certainly wouldn't exist today if they were posting annual losses of $4 billion. And they’re self-sufficient at doing it. Well, that junk mail has become too expensive to subsidize. Unfortunately, some members of Congress seem more interested in having the Postal Service expand its losing business into new areas. Ponzi scheme. Yeah, I do not mind paying a dollar per stamp and recieving mail only twice per week. The politicians wanted to privatize the post office so large campaign contributors like Fed Ex and UPS could pick off the most lucrative business. Carry on, clingers, malcontents, and inconsequential chuckleheads. Money order loss or theft may take up to 30 days to confirm. What will the new service charge to ship an envelope picked up at my house? I know where I want my money. It’s unfortunately quite difficult to get folks to agree to a cut. “There is a cognitive dissonance at play and it’s probably the reason nothing really ever changes when Republicans do govern.”. And without that revenue, the Postal Service would lose a lot more money than it is already losing. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. Postal Service says it will be insolvent next month, and wants to lay off 120,000 people. That is the government way of doing business. Yes, Government Executive can email me on behalf of carefully selected companies and organizations. However, the Postal Service’s costs are not similarly constrained. Well, at least the FedEx and UPS tracking apps can track packages through the USPS system. The customer service representative will record your concern. Look what happened ‘just a day after Bernie Sanders and AOC proposed turning the Post Office into a bank’ – Hoax And Change, D’OH! Update, Sept. 19: Internal USPS documents obtained by The Washington Post found that Amazon generated $3.9 billion in revenue for the agency in … Who cares about a frigging tracking app? Editor's Note: We invite comments and request that they be civil and on-topic. And they pay taxes, which the Postal Service does not. Maybe consider for low value items but I don't use them anymore and have to bite the bullet and drive to the post office 2) make sure you have sticky labels that they are firmly attached. Sending Money Orders . They also contribute between 6 and 13% pts more than employees to the retirement plans. The Larry Doby Post Office is located at 194 Ward Street in Paterson, New Jersey, across the street from my congressional office. The agency’s total revenue in fiscal 2019 was $71.2 billion, enough to place it 43rd on the Fortune 500 (higher than Intel) if it were a private company. The USPS is generally pretty reliable in my community as far as service to and from my house and business. For Fiscal Year 2019, the […] USPS has been losing money for 12 straight years as electronic mail alternatives continues to eat into its revenue and efforts to remedy its financial problems continue to stall in Congress. Postal Service (USPS) reported two troubling numbers for its most recent quarter. President Trump has repeatedly attacked Amazon and the U.S. When sending money by mail, use money orders as a safe alternative to cash and personal checks. Controllable loss for the year was $3.4 billion, an … The U.S. Service at the Post Office branches is less satisfying and I am glad I rarely need to go to the Post Office. This is another government manufactured crisis. The agency paid off $2.2 billion in debt during the year, but still has $11 billion outstanding. And the Postal Workers Union and its paid-for Democratic politicians will never let that happen. Claim: The United States Postal Service (USPS) is losing money due to a 2006 law mandating it fund its pensions 75 years in advance. The USPS is not losing money.” So, 10 years later and they still haven’t accommodated that ‘new construction’ there. “Plus my grandfather’s best friend was a post master. ET They’re usually among the first places cut when the USPS closes offices. Oh and fix the potholes and traffic on route 39. Jacob Grier If USPS charged $15 for every piece of advertising…but Congress won’t let them. He was way overthinking it. Republicans aren't likely to go for that plan, but fixing the Post Office's problems don't seem to be high on their list of priorities either. Why not speech recording and playback? The U.S. Quit carrying commercial mail at unprofitable rates. The U.S. It got lost in Garden City, NY. If you’re an example of ordinary, I’ll gladly claim not to be ordinary. By that interpretation, the feds aren’t required to do defense either. The cost of a stamp will jump by 5 percent in 2019, the USPS announced Wednesday. Its financial outlook is bleak, with $110 billion in unfunded retirement costs and more liabilities accruing every year. The Postal Service reported a net loss of $2.7 billion for 2017. Someone manufactures paper, delivers it in a truck burning fossil fuels and adding congestion to the roads. Had a delivery recently through USPS (live chickens). Would they have to get rid of those trucks that are made by a canoe company? © 2021 by Government Media Executive Group LLC. U.S. 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. With those two running the banks and Warren running the software companies, the economy will be humming in no time. Quit carrying commercial mail at unprofitable rates. USPS cut 4.3 million work hours in the last three quarters of fiscal 2019 through attrition and a reduction in overtime. 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. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. Particularly budget barely matters to most people. It wasn’t. . It is kind of funny/sad have basically everything ACTUALLY required for life is produced in rural areas… But the value of those goods/services have somehow become super devalued, and nearly useless and superfluous things done in the big city now pay better money than the stuff we actually need. Not only is the U.S. “We will continue to prioritize the maintenance of adequate liquidity to ensure the Postal Service is able to perform our primary mission of providing universal service to all Americans.”. Just one. It is part of the federal government, but it has been an independent agency since 1971. AOC wants to scrap the car, give you a tricycle and pretend she’s saving the environment. It’s really ironic the way politics works out some times. E-commerce packages account for most of the USPS Parcel Select business, which brought in revenue of $6.8 billion on the delivery of 2.9 billion packages during the fiscal year ended Sept. 30, 2019. Call USPS in the case of missing mail, lost mail, and delayed package. Hey, who wouldn’t want to deposit all their money […]. I blame poor management and generous benefits and questionable hiring practices. The Postoffice shouldn’t have been written into the Constitution. Is this the same Post Office that Elizabeth Warren wants to turn into a government owned bank? Please make the necessary reforms, no more subsidies. 1.6.2021 12:17 AM, Jacob Sullum It wasn’t. Violated Civil Service Laws in Transferring Employee, IG Finds. Fuck you’re an idiot. | Requesting a Refund Due to the fact that people form attachments to places, AND retired people have money coming in from outside the local area, the shrinking doesn’t always happen immediately when an industry dies… But it does happen over time. It delivers more in sixteen days than UPS and FedEx, combined, ship in a year. This reduction allows the Postal Service to continue to reduce interest costs. […] Reason Sunday, May 12, 2019 (function ($) { $(document).ready(function () { jsSocials.shares.print = […]. After Losing Nearly $4 Billion Last Year, Postal Service on Track to Lose $7 Billion This Year - NAMELY LIBERTY May.12.2019 at 6:34 pm Looks … Postal Service began in 2020 with a dubious track record. The Postal Service is seeking changes to its statutory requirements for those payments to give it more operational flexibility. It has been MIA since 12/07/20. 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. The Post Office is prohibited by law from operating in the black. It's no surprise. In FY 2019, the Postal Service ran an $8.8 billion deficit, a 125 percent increase compared to the $3.9 billion in FY 2018. 2 Compounding the Postal Service’s debt problems has been a lack of revenue growth. Just one town where what you’re describing is the reality. Whether it’s farm subsidies, USDA buildings, game wardens, parks, prisons, roads and bridges that aren’t justified and paid for by the local tax base, federal jobs. This is the twelfth year in a row that they have lost money. USPS likely will continue to lose money despite the efforts of its employees and leadership. 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? Eric Boehm Other mailing services will see prices hiked by 2.5 percent. “The USPS is not in debt. And That Was Before COVID-19 Hit. 1.5.2021 3:11 PM. The Postal Service has lost money for 13 consecutive years and a majority of those losses stemmed from the prefunding requirement. Losses for the latest quarter ($2.26 billion) were up from $1.49 billion from the same period last year. The Constitution says the gub’ment has to build post roads. What do you know about it city slicker? They lose money because they’re mandated to continue service in rural areas and other places of little need unlike FedEx and UPS. Still, it could net a windfall to help pay off the service's massive liabilities—the Cornell economist Richard Geddes has found that a postal IPO could raise $40 billion. 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. Unfortunately, the bulk mailers have more pull with Congress than the Post Office does. Postmaster General Megan Brennan on Thursday attributed the slow down to increasing competition. No? I don’t really care if the Post Office is privatized, but depending where you live, like in a isolated rural area, prepare to pay a lot for the delivery of even one letter. 1.6.2021 12:01 AM, John Stossel 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. Andrew Cuomo's Vaccine Distribution Rules Are a Threat to Public Health, Trump's Conversation With Georgia Election Officials Shows His Conviction That He Won Is Impervious to Evidence, As Key Georgia Senate Election Looms, Republicans Are Making It Difficult To Root for Divided Government. OTOH, as I understand it, it is the bulk mail that makes money at the USPS, that and being the last-mile for Amazon. Postal Service 'Unsustainable,' Says GAO. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. It has lost money in each of the past 13 years. Still, the agency’s losses on the parts of its business that management can control also spiked to $3.4 billion, a 70% increase from fiscal 2018. Whether it’s farm subsidies, USDA buildings, game wardens, parks, prisons, roads and bridges that aren’t justified and paid for by the local tax base, federal jobs.”. This shipping differential is the product of the U.S. government subsidizing Chinese shipments. Jacob Sullum U.S. I was told this kind of stuff is essentially cost cutting measures of using non full time people or whatever to skate on some of the benefits. When There Wasn't Enough Hand Sanitizer, Distilleries Stepped Up. In 2019, it was 5%, or 186 machines. That means it will only become more difficult to free the Post Office from government control as the agency's debt mount. Terms Of Use, (Andre Jenny Stock Connection Worldwide/Newscom), D’OH! "The Postal Service is not losing money because of Amazon," the post says. and Rep. Alexandria Ocasio-Cortez (D–N.Y.) 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