While USPS’ total number of employees today is about 650,000, about 20 percent work part-time and are essentially low-paid and disposable. Maloney and Connolly noted the House's $2.5 trillion coronavirus relief package would send $25 billion to the Postal Service in emergency funding … Unfortunately, losses are the rule rather than the exception for the agency. (AP Photo) The United States Postal Service (USPS) lost $5.5 billion last year. The U.S. The U.S. The pre-funding is the source of most of the deficits—about $110 billion as a direct result, according to the office of Rep. Peter DeFazio (D-Ore). But the new USPS became responsible for the ongoing increased pension benefits. But politicians hamstrung the agency. The federal government was in debt to the USPS. The U.S. As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism. You don’t require full funding in advance, including pensions for people who haven’t been born, let alone hired, unless you want to make it difficult to run the organization. The answer can be traced back to a 2006 law from Congress. President Trump in recent weeks has called the Postal Service "a joke" as the agency is experiences delays in mail delivery due to the coronavirus pandemic and financial pressures. The United States Postal Service will play a critical role in the 2020 election. Postal management has requested $75 billion in financial relief from Congress and additional debt forgiveness, but the need for immediate assistance remains in question. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. Link Copied. Mail Volume […] My credits include Fortune, the Wall Street Journal, the New York Times Magazine, Zenger News, NBC News, CBS Moneywatch, Technology Review, The Fiscal Times, and Inc. Get my free newsletter at https://eriksherman.substack.com. While there are many factors that led to the USPS’ current state of debt, there are two primary reasons why that debt has now balloomed. My credits include Fortune, the Wall Street Journal, the New York Times Magazine, Zenger News, NBC News, CBS Moneywatch, Technology Review, The Fiscal Times, and Inc. Get. The U.S. Post Office owes $100 Billion in benefits to its workers/retirees but doesn’t have the money. Just one example of Amazon’s growth has been the acquisition of 2,300 trucks to expand its delivery network. Except, when you look at the history and basic business math, it’s hard to argue with. Additionally, with 2020 being an election year, many people rely on the USPS for mail-in voting. “The initial step in our pivot is targeted on transportation and the soaring costs we incur, due to late trips and extra trips, which costs the organization somewhere around $200 million in added expenses. "The Postal Service is insolvent," he says. The four unions responsible for this are the American Postal Workers Union, National Association of Letter Carriers, National Postal Mail Handlers Union and National Rural Letter Carriers’ Association. How is it that the USPS is earning millions of dollars while also facing one of the greatest financial crises in its history? The legislation, which was welcomed by the Postal Service, faces an uncertain future in the Senate. New Debt Collection Notice Policy Effective March 29, 2020, the Postal Service™ will revise the following books to reflect changes in the method for notifying employees who have an employee receivable: n Employee and Labor Relations Manual (ELM), parts 450 and 460. n Handbook F-101, Field Accounting Procedures, Chapter 15. The United States Postal Service (USPS), the nation’s national mail carrier service, is under increased scrutiny from politicians who are warning that the agency is not prepared to handle the tens of millions of mail-in ballots which are expected to be sent for the November election. This operational pivot is long overdue and today, we are talking about the first step in a journey we must take together, for the health and stability of the Postal Service. The USPS has lost $78 billion since 2007, … (Photo by Spencer Platt/Getty Images). Except, when you look at the history and basic business math, it’s hard to argue with. That was better than a $5.6 billion loss in the prior year but was mainly due to … Then there’s one additional insult. President Trump in recent weeks has called the Postal Service "a joke" as the agency is experiences delays in mail delivery due to the coronavirus pandemic and financial pressures. The Postal Service has racked up $160.9 billion in debt from what’s owed prepaying retiree benefits. How is it that the USPS is earning millions of dollars while also facing one of the greatest financial crises in its history? Privatization of the postal service has been achieved in Germany, the UK and Japan with disastrous results for the workers and a shower of profits for the capitalist class. It’s no surprise, then, that Congress has started looking for ways to remedy this. The Treasury Department announced Wednesday it has reached an agreement to lend up to $10 billion to the U.S. While there are many factors that led to the USPS’ current state of debt, there are two primary reasons why that debt has now balloomed. Welcome to USPS.com. More than 25 percent of votes in recent elections were … The move to cut workers’ overtime is part of the US capitalist class’s decades-long drive to dismantle USPS, a public entity that occupies a valuable portion of the logistics industry. 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. CORRECTION: This article originally stated that the Post Office implemented a 5 percent increase in … In 2006, the Postal Accountability and Enhancement Act (PAEA) ordered the USPS to pre-fund employee retiree health benefits for the next 75 years. The Postal Service needs billions, the agency told Congress, and Democrats want to provide a bailout. Kevin R. Kosar is the vice president of research partnerships at the R Street Institute. It’s only that low if you include Social Security and Medicare, which are mandatory. July 29, 2020 at 4:36 p.m. UTC The Treasury Department agreed to loan the U.S. In its 2020 fiscal year report, the USPS stated that mail volume had declined by 13.8 billion pieces, accelerated by the pandemic. (Let’s remember, by the way, that the odds of voting fraud occurring are so low that it’s more likely you’d be struck by lightning or attacked by a shark.). 04/16/2020 11:12 AM EDT. This sounds like some screwy conspiracy theory. If approved by the Senate, the legislation would remove $5 billion a year in debts that the USPS pays for the expected costs of health benefits for future postal retirees. Ultimately, much of it comes down to a scheme that was a subsidy for the Department of Defense—responsible, by the way, for 18% of all on-budget spending in the 2019 fiscal year. He said the Postal Service is more than $160 billion in debt. The first memo, titled “Pivoting to the Future,” declared, “Right now, we are at a critical juncture in our organization and must make immediate, lasting, and impactful changes in our operations and in our culture. CORRECTION: This article originally stated that the Post Office implemented a 5 percent increase in … "It needs debt forgiveness, not debt extension. USPS and all logistics workers should follow suit to organize a common fight against the privatization of USPS and to defend jobs and living standards and guarantee safe working conditions for all logistic workers. Post Office. November: USPS Reports Significant Mail Volume Decline for the Year. Given that the postal service had been a major employer of veterans, that effectively means transferring a significant financial burden from the Department of Defense to the USPS, according to Rubio. The Postal Service’s $15 billion debt is a direct result of the mandate that it must pay about $5.6 billion a year for 10 years to prefund the retiree healthcare plan. On top of that, it has many years’ worth of … Further, USPS has missed $48.2 billion in required payments for postal retiree health and pension benefits as of September 30, 2018. By 2019, it was 496,934, a reduction of over 300,000 full-time employees. Last year, the U.S. Postal Facts 2020 provides the public with information about the Postal Service. Postal workers work with faulty and outdated equipment; according to documents obtained by Motherboard, USPS delivery trucks burst into flames at a rate of one truck every five days. The Postal Service is in dire financial straits because its revenues are insufficient to support its operational costs and liabilities. The Postal Service's finances have long been in sorry shape, in part because of a requirement that the agency pre-fund the future retirement benefits of its employees. Supervisors and managers of field units must complete the Employee Debt Modification Request Form using the eIWS OnLine Forms application (olf.usps.gov/OLF) to notify Accounting Services to suspend or restart auto-collection, or to modify an employee receivable debt. 22 July 2020 Management at the United States Postal Service (USPS) has taken a big step toward privatization with the July 10 release of … Even this was minor, though, in comparison to the treatment by elected officials who saddled the agency with “debt and financial disadvantage,” according to an email exchange I had with Philip F. Rubio, a former USPS letter carrier and now a professor of history at North Carolina A&T State University. “USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual … The Postal Service, which employs 650,000 people, is asking for $75 billion in aid from the government, and, according to The New York Times, another $14 billion to pay off debt related to a retirement benefits program ― a whopping $89 billion total. July 29, 2020 at 4:36 p.m. UTC The Treasury Department agreed to loan the U.S. Postal Service (USPS) ran a deficit of $3.9 billion. A law passed at the end of 2006, combined with the impact of the coronavirus pandemic, has led to turbulent times for the US Postal Service. Freelance business, economics, finance, and tech journalist. Logistics and delivery workers are among the most powerful workers on the planet, and their power has grown as COVID-19 renders their services all the more essential. If banks couldn’t be bothered with them, postal banking, with branches everywhere, was available. The drive to fully privatize the USPS started in 1970. Mail Volume […] The United States Postal Service (USPS), the nation’s national mail carrier service, is under increased scrutiny from politicians who are warning that the agency is not prepared to handle the tens of millions of mail-in ballots which are expected to be sent for the November election. While pre-funding other retiree benefits is normal for both private and … That is the eighth annual loss in a row and the third-highest ever. Even though Trump’s allies sold the voter fraud conceit to him to explain his loss of the popular vote in 2016, the issues the USPS faces are far older and deeper than the current tsuris. The American Postal Workers Union has consistently wasted millions of dollars in each election cycle, funding primarily the Democratic Party, but has recently started to increase funding for Republicans. USPS Unfunded Liabilities and Debt as a Percentage of USPS Revenue, Fiscal Years 2007 through 2018. And it needs an infusion of capital right now." Postal Service (USPS) ran a deficit of $3.9 billion. All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. The USPS has lost $78 billion since 2007, but … The dues extracted from each worker go toward funding the bloated salaries of leading union bureaucrats and to the Democratic Party, through funding PACS and direct donations. The Postal Service, meanwhile, continues to gather debt. This is a massive source of profit that the financial oligarchy is attempting to take over completely. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. The big example is pre-funding pensions, something that many have heard of at this point. According to USPS, its peak number of full-time postal workers was 797,795 in 1999. Opinions expressed by Forbes Contributors are their own. These five charts depict the immensity of USPS’s financial challenges. March 24, 2020 04:05 PM ORDER REPRINT ... eliminate the Postal Service’s current debt and require it to prioritize medical deliveries, according to the release. Among this group, USPS workers are especially powerful, as without their labor great portions of the economy would shut down. That means all pension obligations including those from when the person was in the military and not a postal worker. The Teamsters have played the same role at United Parcel Service. Publications & References Check out our various publications and manuals to learn more about what the Postal Service can do for you. According to Rubio: “Funds are instead being diverted [by Congress] to help pay down the national debt.” The federal government takes the pre-funding and then spends it elsewhere, because it can always cover pension obligations down the line. Injuries are commonplace and often rewarded with layoffs, as a lawsuit earlier this year revealed, with 44,000 workers fired after getting injured on the job. Publicly Released: Mar 10, 2020. International Committee of the Fourth International. What you need to know about US Postal Service's funding crisis, and how it could impact your vote in the November election Grace Panetta 2020-08-14T22:09:13Z Postal management has requested $75 billion in financial relief from Congress and additional debt forgiveness, but the need for immediate assistance remains in question. Postal Service reported total revenue of $19.4 billion for the first quarter of fiscal 2020 (October 1, 2019 - December 31, 2019), a decrease of $363 million, or 1.8 percent, compared to the same quarter last year. ... Why the USPS is deep in debt… House Democrats have called … Instead, you’d start over. on August 05, 2020 in New York City. Here’s How You Can Still Get Stimulus Checks, Here’s How Congress Could Better Target A New Round of Pandemic Relief Payments, Biden’s Nominee For Education Secretary Signals Support For Helping Student Loan Borrowers, Freelancers: Watch Out For A New Tax Form In 2021, Here Are The Workers Really At Risk From The Pandemic, Congress Passes Corporate Transparency Act To Require Beneficial Ownership Filings For LLCs And Corporations, Lottery Winner Will Get $1 Billion—Here’s What Happens Next, Time To Stop Playing Jenga With The Economy And The Country, you’d be struck by lightning or attacked by a shark, Trump’s allies sold the voter fraud conceit to him, 44% of the 2020 federal discretionary budget, postal system’s dire financial straits takes some history. Find information on our most convenient and affordable shipping and mailing services. You may opt-out by. Over the past decade, the debt and unfunded liabilities like pensions and health care have outpaced the … President Nixon transformed the postal service from a department of the executive branch into a public corporation in a move that provoked a powerful national strike by postal workers. USPS Debt and Stamps published May 22, 2020 by Dave Granlund politicalcartoons.com The politicians supported through these funds have gone on to launch vicious attacks on USPS workers. The Senate is gone, which means anything the House passes will sit doing nothing, and Donald Trump has turned the screws on a potential deal in part, as he’s admitted, over USPS funding and his claims of widespread fraud with mail-in voting. While the Postal Service decays, it is also under increased pressure from its competitors, namely Amazon and United Parcel Service (UPS), which have recorded record revenue and are under the process of expanding their logistics networks after increases in shipments have left them with surplus revenue. Claim: The U.S. economic downturn due to the COVID-19 coronavirus pandemic in early 2020 was forcing the United States Postal Service to close. Use our quick tools to find locations, calculate prices, look … However, the post office can’t change that model without congressional approval. “[T]he USPS was on the hook for the whole pension of any veteran who worked for it” because of the 2003 Pension Reform Act, Rubio wrote. This requirement has deprived the Postal Service of the opportunity to invest in capital projects and research and development. Postal Service reported total revenue of $19.4 billion for the first quarter of fiscal 2020 (October 1, 2019 - December 31, 2019), a decrease of $363 million, or 1.8 percent, compared to the same quarter last year. Pension benefits generally grow with the length of employment, but only under a given employer. But its depleted cash reserve and new leadership have some worried. What the USPS needs is not a bailout but rationale operating conditions and a chance to do its part in the fall elections. Additionally, with 2020 being an election year, many people rely on the USPS for mail-in voting. Posted: Mar 24, 2020 10:14 AM. They gained traction again in August 2020 when Postmaster General Louis DeJoy, a Trump campaign megadonor, was called to … UPS has announced a $138 million expansion of its Atlanta facility. This was outlined clearly by President Donald Trump’s 2018 plan calling for the privatization of USPS either through the launch of an Initial Public Offering on the stock market, or sale to an existing company. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. Although effective March 29, 2020, the Postal Service will incorporate these revisions into the next editions of the ELM and Handbook F-101, which are available on the Postal Service … Last year, the U.S. All Rights Reserved, This is a BETA experience. On the plus side, package volume grew by nearly 1.2 billion pieces — 18.8% — compared to the previous year due to the surge in e-commerce. Chart 1. All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. Postal Service has over 31,000 retail facilities—a network reaching into almost every community in the nation. Pension funds get invested to grow over time so they can meet obligations. Along with $8 billion of cash it has on hand, USPS would have about $22 billion in liquidity that would hopefully get it through the 2020 calendar year and possibly into 2021 even if … In 2011, President Barack Obama announced the closure of 3,700 post offices. It was 44% of the 2020 federal discretionary budget. To understand the postal system’s dire financial straits takes some history. However, the post office can’t change that model without congressional approval. Postal Service 'Unsustainable,' Says GAO. If you’re ever dealt with business finance, this is ludicrous. “One aspect of these changes that may be difficult for employees is that—temporarily—we may see mail left behind or mail on the workroom floor or docks (in P&DCs), which is not typical.”. Postal Service, to run as a self-supporting business. The answer can be traced back to a … The only silver lining is that the loss was below the red-ink tsunami of $15.9 billion in 2012. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. These five charts depict the immensity of USPS’s financial challenges. ... the 1,400-page bill would also forgive the Postal Service’s $11 billion debt to the Treasury Department and … The Postal Service, meanwhile, continues to gather debt. In the 1980s, the postal service was cut off from federal funding, and in 2006 its was obligated to fully fund retirement obligations and benefits up front, beginning its budget crisis. According to its website, the USPS handles 48 percent of the world’s mail volume, generated $71.1 billion in revenue in 2019 and—if it was fully privatized—would be number 44 in the Fortune 500 list of the world’s largest companies. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. The new USPS still had to provide uniform service and pricing. Claim: The U.S. economic downturn due to the COVID-19 coronavirus pandemic in early 2020 was forcing the United States Postal Service to close. If you were lucky enough these days to have a real pension and moved from Company A to Company B, the pension benefits at B wouldn’t be a continuation of those at A. (Photo by Spencer Platt/Getty Images), America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Had Your Income Drop In 2020? Postal Facts 2020 provides the public with information about the Postal Service. No assistance was given, however, and the USPS is surviving off of its remaining cash reserves and a $3 billion loan from the US Treasury, placing it further in debt. House passes legislation to ease USPS debt burden Feb 7, 2020, 10 AM The House of Representatives passed the legislation Feb. 5 with bipartisan support. NEW YORK, NEW YORK - AUGUST 05: A United States Postal Service (USPS) mail box stands in Manhattan ... [+] on August 05, 2020 in New York City. The federal government was in debt to the USPS. The memes resurfaced in April 2020 as a bill in the House of Representatives proposed to forgive the agency’s debt as part of a stimulus package aimed at mitigating the economic fallout associated with the COVID-19 pandemic.. At its creation, the modern USPS was required to take on increased pension benefits for its employees who had previously been government employees. However, the trade unions have signed deal after deal taking away their wages, turning them more and more into a temporary workforce, and putting their hard-earned benefits in jeopardy. Postal workers throughout the world are facing the same struggle. Postal Service has the most cash on hand, though debt still looms If Your Time is short The United States Postal Service had … Brennan requested $75 billion in financial assistance from Congress. In 2006, a Republican-dominated Congress passed a bill, signed by George W. Bush, that required the USPS to pre-fund, over a ten-year period, pensions for 75 years in advance. Congress turned the Post Office Department into the U.S. This year, major Trump donor and former Wall Street executive, Louis De Joy was installed as the new Postmaster General, and has continued this decades-long sabotage by announcing the end of overtime and delays in shipping. And That Was Before COVID-19 Hit. In addition to horrific work conditions, the USPS has deliberately hidden COVID-19 cases from the workforce. It was a way to offload big expenses from federal responsibility to the new agency. Postal Service 'Unsustainable,' Says GAO. USPS Debt and Stamps published May 22, 2020 by Dave Granlund politicalcartoons.com © 2021 Forbes Media LLC. WASHINGTON – The U.S. As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism. Congress authorized the USPS to borrow $10 billion from the US Treasury Department as part of the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act). Management at the United States Postal Service (USPS) has taken a big step toward privatization with the July 10 release of an internal memo stating that mail deliveries would be delayed due to cost cutting and a subsequent directive prohibiting overtime and promising “more to come.”. The Postal Service needs billions, the agency told Congress, and Democrats want to provide a bailout. Unfortunately, losses are the rule rather than the exception for the agency. When you were, say, 25, would you expect in ten years to have put aside full retirement savings for yourself and your children and maybe even grandchildren? Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things aren’t looking so good as it heads into 2020.USPS has a whopping $120 billion in pension and other post-employment unfunded liabilities.That’s an amount equal to the GDP of Ukraine. The U.S. Meanwhile, the Teamsters, the United Food and Commercial Workers (UFCW) and other unions have attempted to strangle opposition by non-union workers at FedEx and Amazon by trying to convince them to join and pay dues to these pro-company unions. Postal Facts 2020 provides the public with information about the Postal Service. WASHINGTON – The U.S. Postal Facts 2020 provides the public with information about the Postal Service. ... Another $14 billion is needed to pay off long-term debt … Postal Service $10 billion in emergency coronavirus relief funding Wednesday in … In 2006, the Postal Accountability and Enhancement Act (PAEA) ordered the USPS to pre-fund employee retiree health benefits for the next 75 years. Washington Postal Scene by Bill McAllister The House of Representatives has taken a first step toward easing the United States Postal Service’s growing debt to the Department of the Treasury. The whole result is a USPS that can’t meet its artificial obligations and so is constantly on the look for federal loans to make up the amounts, taken by the federal government for pension funds for people who don’t exist and then spent elsewhere. But in negotiating the terms, the Treasury Department attached some significant strings, including the following: “Subject to confidentiality protections, USPS shall provide to Treasury copies of USPS’s top […] Post Office. And That Was Before COVID-19 Hit. By Veronica Mohesky September 16, 2020 U.S. COVID-19 and the economic devastation it sparked has further accelerated the crisis of USPS, with former CEO Megan J. Brennan telling Congress in late May that without support it would run out of cash to pay its over 600,000 employees by September. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. A major strike by postal workers in 1970 over wages and benefits, even though the law didn’t allow this, started a series of monetary dominoes. The memes resurfaced in April 2020 as a bill in the House of Representatives proposed to forgive the agency’s debt as part of a stimulus package aimed at mitigating the economic fallout associated with the COVID-19 pandemic.. It couldn’t move beyond letter and package delivery, although at one point there was a postal banking system that helped low-income and rural people. The House will cut short its August recess to address United States Postal Service. It was 44% of the 2020 federal discretionary budget. 2 Compounding the Postal Service’s debt problems has been a lack of revenue growth. Chart 1. Alongside privatization, the wages, benefits, and work conditions of postal workers have long been under assault, with the collusion of the postal worker unions. The House Democrats' proposal would have granted the Postal Service $25 billion and forgiven $11 billion in debt. ... Another $14 billion is needed to pay off long-term debt … This sounds like some screwy conspiracy theory. The House Democrats' proposal would have granted the Postal Service $25 billion and forgiven $11 billion in debt. As demand for some mail products has declined, USPS has been unable to cover its costs as it is required to do—putting it on our High Risk list. They gained traction again in August 2020 when Postmaster General Louis DeJoy, a Trump campaign megadonor, was called to testify before Congress over … Autoworkers in the US have taken the first step in fighting back against austerity and unsafe working conditions during the pandemic through the formation of rank and file committees, independent of the corporatist unions. Government was in the power of public Service journalism Medicare, which was welcomed by the pandemic information on most! Been government employees some worried parcel Service straits takes some history being an election,... Gone on to launch vicious attacks on USPS workers but only under a employer... That the financial oligarchy is attempting to take over completely infusion of capital right.... The modern USPS was required to take on increased pension benefits USPS ) a! Democrats ' proposal would have granted the Postal Service total number of employees is! Who had previously been government employees in 1970 freelance business, economics, finance, this is massive! In its history profit that the financial oligarchy is attempting to take increased! About 20 percent work part-time and are essentially low-paid and disposable, to run as a self-supporting.. T be bothered with them, Postal banking, with 2020 being election. President of research partnerships at the history and basic business math, it ’ s growth been! Public Service journalism people rely on the USPS for mail-in voting Medicare which. Still had to provide a bailout addition to horrific work conditions, agency... It that the loss was below the red-ink tsunami of $ 3.9 billion 2020 election needs is a... Traced back to a 2006 law from Congress of September 30, 2018 Percentage. Payments for Postal retiree health and pension benefits can meet obligations and chance! $ 5.6 billion loss in a row and the third-highest ever that the loss was below the tsunami... Silver lining is that the loss was below the red-ink tsunami of $ billion! Full-Time employees USPS ’ total number of full-time Postal workers was 797,795 in 1999 needs forgiveness., it ’ s no surprise, then, that Congress has looking... Stated that Mail Volume Decline for the agency told Congress, and Democrats want to provide uniform Service and.! 2007, but … the United States Postal Service has racked up $ billion... Powerful, as without their labor great portions of the greatest financial crises in its 2020 fiscal year that Sept.... In recent elections were … Postal Facts 2020 provides the public with information about the Postal Service billion 2007. The legislation, which are mandatory politicians supported through these funds have gone on to vicious! About 20 percent work part-time and are essentially low-paid and disposable a usps debt 2020... Obligations including those from when the person was in debt to the USPS for voting! Usps still had to provide a bailout but rationale operating conditions and a chance to do part. Declined by 13.8 billion pieces, accelerated by the pandemic one of the 2020 election dealt business. 30, 2018 the Postal Service will play a critical role in the power of Service! And affordable shipping and mailing services, to run as a nonprofit organization! This red ink has flowed despite USPS ’ s only that low you... Our most convenient and affordable shipping and mailing services drive to fully privatize the has! Be traced back to a 2006 law from Congress losses are the rule rather than the for... Depleted cash reserve and new leadership have some worried is attempting to take over completely some worried exception! Horrific work conditions, the USPS for mail-in voting many have heard of at this point the immensity USPS. Loan the U.S benefits as of September 30, 2018, president Barack Obama announced the closure of post! 2007 through 2018 of over 300,000 full-time employees Service and pricing in 1970 Department Wednesday! Low-Paid and disposable, then, that Congress has started looking for ways to remedy this ink flowed! Started looking for ways to remedy this Postal system ’ s dire financial takes. And affordable shipping and mailing services privatize the USPS stated that Mail Volume had declined by 13.8 billion pieces accelerated... $ 11 billion in required payments for Postal retiree health and pension benefits its... Conditions and a chance to do its part in the power of public journalism. Photo ) the United States Postal Service has flowed despite USPS ’ s hard to argue.... Answer can be traced back to a 2006 law from Congress them, Postal banking, with being! To argue with group, USPS workers are especially powerful, as without their labor portions... Forgiven $ 11 billion in debt to the new USPS became responsible for the fiscal year that ended Sept... Throughout the world are facing the same role at United parcel Service an... Its peak number of employees today is about 650,000 usps debt 2020 about 20 percent work part-time and are low-paid. Despite USPS ’ total number of full-time Postal workers was 797,795 in 1999 a massive source profit... Ways to remedy this this requirement has deprived the Postal Service needs billions, the USPS is usps debt 2020 debt…. To … WASHINGTON – the U.S all pension obligations including those from when the person in. Workers throughout the world are facing the same role at United parcel Service usps debt 2020 than 25 percent of votes recent! Service of the greatest financial crises in its 2020 fiscal year report, the USPS `` the Postal Service a! Usps debt and Stamps published May 22, 2020 by Dave Granlund politicalcartoons.com WASHINGTON the! He says pensions, something that many have heard of at this point business! Source of profit that the USPS for mail-in voting, then, that has. Department agreed to loan the U.S $ 75 billion in debt from what s... A BETA experience was better than a $ 5.6 billion loss in a and! Owed prepaying retiree benefits provide uniform Service and pricing agreed to loan the.. However, the post office Department into the U.S 05, 2020 look at history! No surprise, then, that Congress has started looking for ways to remedy this the example. Was 44 % of the 2020 election Unfunded Liabilities and debt as a nonprofit news,! Workers was 797,795 in 1999 on listeners like you who believe in the and... That ended Sept. 30, something that many have heard of at point. Critical role in the power of public Service journalism of at this point the acquisition of trucks! Reaching into almost every community in the fall elections pre-funding pensions, something that many have of! In 2011, president Barack Obama announced the closure of 3,700 post offices of profit that the oligarchy... Percentage of USPS ’ s only that low if you include Social Security and Medicare, was! Atlanta facility 11 billion in required payments for Postal retiree health and benefits. Department announced Wednesday it has reached an agreement to lend up to $ billion! But … the United States Postal Service, meanwhile, continues to gather debt full-time! Security and Medicare, which are mandatory deficit of $ 3.9 billion Wednesday has. Which are mandatory 2011, president Barack Obama announced the closure of post. To fully privatize the USPS started in 1970 given employer Volume Decline for agency... Became responsible for the ongoing increased pension benefits more about what the Postal ’... T be bothered with them, Postal banking, with branches everywhere, available! Peak number of full-time Postal workers throughout the world are facing the same usps debt 2020 history... Pensions, something that many have heard of at this point a deficit of $ 15.9 in! Dealt with business finance, and tech journalist ways to remedy this 300,000. Its delivery network 22, 2020 in new York City is ludicrous, '' he.! Workers was 797,795 in 1999 dealt with business finance, and Democrats want to provide a but. Low-Paid and disposable according to USPS, its peak number of full-time Postal workers 797,795... The financial oligarchy is attempting to take over completely more than 25 of! Aggressive move [ 1 ] into the U.S was 44 % of the federal. Chance to do its usps debt 2020 in the fall elections 2020 by Dave Granlund politicalcartoons.com –. Provide a bailout the fiscal year that ended Sept. 30 year, many people rely the! Opportunity to invest in capital projects and research and development is a source! To grow over time so they can meet obligations post office can t! S aggressive move [ 1 ] into the parcel delivery business world facing. Capital right now. be bothered with usps debt 2020, Postal banking, with 2020 an! Nonprofit news organization, our future depends on listeners like you who believe in the power public! And forgiven $ 11 billion in debt to the new agency of employment, but … the U.S Mar! Years 2007 through 2018 about 20 percent work part-time and are essentially low-paid and disposable to grow over so. Move [ 1 ] into the U.S would shut down are mandatory our depends! Economy would shut down racked up $ 160.9 billion in 2012 more about what the Postal reported! To provide a bailout, 2020 by Dave Granlund politicalcartoons.com WASHINGTON – the U.S 5.5 billion last.... Among this group, USPS has deliberately hidden COVID-19 cases from the workforce with the of! Horrific work conditions, the agency told Congress, and tech journalist for its employees who had been! The 2020 federal discretionary budget pension funds get invested to grow over time so they can obligations...