Louisville, KY – The US Postal Service announced today they will offer $15,000 buyouts to employees in an effort to cut costs. The postal service estimates up to 30,000 employees could take the offer, which could save as much as $500 million over the next two years. Letter carriers are not eligible for the buyout.
A privatized USPS would pay federal, state, and local taxes, which would put the USPS on a level playing field with other businesses.
Not even two decades later, it can't. The Postal Service has racked up $160.9 billion in debt from what's owed prepaying retiree benefits. On top of that, it has many years' worth of operating deficits, as its top revenue generators no longer covered the costs of delivering the mail.
Remember, the USPS does NOT receive and revenue from the American taxpayer, their only source of revenue is for products and services! In fact, the USPS delivers packages for UPS and FedEx in geographic areas UPS/FedEx consider unprofitable.
The USPS is often mistaken for a government-owned corporation (e.g., Amtrak) because it operates much like a business. It is, however, an "establishment of the executive branch of the Government of the United States", (39 U.S.C. § 201) as it is controlled by presidential appointees and the postmaster general.
Still, something must give. The search for new leadership comes as the Postal Service marks its 13th straight year of losses (the USPS had a net loss of $8.8 billion in fiscal year 2019 despite a $514 million increase in operating revenue) and is on track to run out of cash by 2024.
Remember, the USPS does NOT receive and revenue from the American taxpayer, their only source of revenue is for products and services! In fact, the USPS delivers packages for UPS and FedEx in geographic areas UPS/FedEx consider unprofitable.
The USPS often is mischaracterized as a quasi governmental or private entity. It is neither. The USPS is a government agency that was created by Congress to achieve various public purposes. Federal law defines what products and services the Postal Service may offer.
The U.S. Postal Service's (USPS) deteriorating financial condition is unsustainable as a result of trends including:Declining mail volume : First-Class Mail—USPS's most profitable product—continues to decline in volume as communications and payments migrate to electronic alternatives.
Veterans. The Postal Service employs more than 97,000 military veterans and is one of the largest employers of veterans in the country.
Are Postal Workers Federal Employees? As a postal worker, you must follow federal rules, and you receive federal benefits. However, the U.S. Bureau of Labor Statistics doesn't consider postal workers federal employees because the postal service is a quasi-federal agency.
Revenue and mail volume is basically flat, but the USPS' operating expenses are out of control. 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. That comes even after an increase in the cost of sending first-class mail.
2 Security. U.S. Mail is protected by more than 200 federal laws enforced by the Postal Inspection Service, one of the nation's oldest law enforcement agencies. The Postal Service receives NO tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.
The pre-funding mandate policy is based on the absurd notion of paying for the retirement funds of people who do not yet, and may not ever, work for the Postal Service. The mandate is responsible for all of USPS's financial losses since 2013.
The U.S. Postal Service on Wednesday reported that it saw a $3.9 billion loss in fiscal 2018, a 44 percent larger dip into the red over the previous year despite a $1 billion revenue increase.
Although Treasury securities are considered a safe asset, they also yield relatively low returns. Because of this unique investment philosophy, both of the USPS pension funds have an assumed rate of return (ARR) of 4.25 percent, whereas the average U.S. state and municipal public pension plan has an ARR of 7.3 percent.
Article 1, Section 8 says that [The Congress shall have the power] to establish Post Offices and Post Roads. The U.S. Constitution, in 1789, authorized Congress to establish “Post Offices and post Roads” but, unlike the Articles of Confederation, did not explicitly establish an exclusive monopoly.
YES. The United States Postal Service is important to our economy. Every day, postal workers deliver nearly 500 million pieces of mail—without spending a dime of taxpayer money and at a fraction of the price of private companies such as FedEx and UPS.
The U.S. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. 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 post office has historically helped all kinds of people find jobs, including immigrants, rural migrants and those pursuing higher education. For African Americans in particular, the post office has been a job magnet and a vehicle for social activism and community development.
The U.S. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. 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.
Affix 1 Forever Stamp (costs $0.49) or 1 First Class Letter Stamp at the top right corner of an envelope to send a letter. Forever Stamps are best for mailing 1-ounce letters (of standard size) within the U.S. Affix more than 1 Forever Stamp if the letter weighs over 1 ounce.
