easilyscan 1,028 Posted November 14 US Postal Service seeks reforms as it reports $9 billion yearly loss By David Shepardson Reuters November 14, 20252:17 PM CST WASHINGTON, Nov 14 (Reuters) - The U.S. Postal Service said on Friday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly from the prior fiscal year results. New Postmaster General David Steiner said USPS must be more efficient and that it still has a "significant systemic annual revenue and cost imbalance." He added: "To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model." USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms. The U.S. Congress in 2022 provided the Postal Service with about $50 billion in financial relief over a decade. USPS is seeking reforms, including changes to retiree pension benefit funding rules, diversification of pension assets, raising the statutory debt ceiling, and workers’ compensation administration reform. Separately, USPS on Friday proposed raising prices for various products, not including first-class mail. USPS proposed a 6.6% increase for Priority Mail, 5.1% for Priority Mail Express, 7.8% for USPS Ground Advantage and 6% for Parcel Select. DeJoy led efforts to drastically restructure the money-losing USPS for nearly five years, including cutting forecast cumulative losses over a decade to $80 billion from $160 billion. Mail volumes fell 5% in the 12 months ending September 30 to the lowest level since 1967. The price of first-class mail stamps rose this year to 78 cents from 73 cents but USPS in September opted not to raise, opens new tab prices in January. Stamp prices are up 46% since early 2019, when they were 50 cents. Reporting by David Shepardson in Washington; Editing by Matthew Lewis, Rod Nickel More fiscal irresponsibility. I remember seeing one particular postmaster general testifying before Congress practically begging them to let the USPS discontinue Saturday delivery. They refused. Share this post Link to post Share on other sites
HellToupee 2,294 Posted November 14 27 minutes ago, easilyscan said: remember seeing one particular postmaster general testifying before Congress practically begging them to let the USPS discontinue Saturday delivery. They refused. Not only refused but because of Amazon they began staffing every Sunday 1 Share this post Link to post Share on other sites
easilyscan 1,028 Posted November 15 3 hours ago, HellToupee said: Not only refused but because of Amazon they began staffing every Sunday That would be good news for a private company, but since the USPS is an independent agency of the federal government, mo revenues = mo losses. Share this post Link to post Share on other sites
seafoam1 3,470 Posted November 15 3 hours ago, HellToupee said: Not only refused but because of Amazon they began staffing every Sunday The usps didn't up the contract with Amazon and the end of last year. And believe me, there were plenty of people wanting the work. At my office, all the new people that get hired want all the shifts they can get. Share this post Link to post Share on other sites
