USPS reporting net loss of $15.9 billion

USA – Do you hate snail mail? When was the last time you actually had to buy stamps?

It’s probably not news to you that the United States Postal Service is in serious trouble. But do you know just how bad it is?

The numbers are in for the fiscal year and folks, it’s tragic.

USPS reports a net loss of $15.9 billion. That’s triple last year’s loss and $0.9 billion more than expected.

But get this: less than a third of that ($5 billion) was due to a decline in revenue.

As it turns out, all of that nasty politics this year did some good. USPS actually benefited from campaign mailings.

So what hurt ‘em?

$11.1 billion in accounting expenses that the agency defaulted on. That’s serious stuff, y’all.

But the one group that can help doesn’t seem to concern. We’re talking about the ever do efficient Congress.

USPS officials have been urging our legislative branch to do something, anything really, for a year.

Add that to the long list of let downs.

The good news is USPS will keep operating, somehow, and keep paying its employees and suppliers.

So, if you feel sorry for the Postal Service, go buy some stamps and send your honey a handwritten letter.

1 Comment

  • w5mtv

    The biggest albatross around the USPS' neck is that Congress won't approve cost reductions that are needed – like closing small offices, AND insisting that the USPS pay off debts of the old Post Office Dept, i.e. the "accounting expenses'. And limiting new services after lobbying by UPS and FedEx. At least they do have agreements w/FedEx for delivery to small towns which are cost prohibitive for FedEx to deliver.

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