US Postal Service warns it must continue cost cuts or risk bailout

[Jacson6]

WASHINGTON, Nov 14 (Reuters) - The U.S. Postal Service said on Thursday it must continue to cut costs and boost revenue or risks requiring a government bailout to help the organization avoid financial collapse.
USPS reported on Thursday a net loss of $9.5 billion for its fiscal year ending Sept. 30, a $3-billion bigger loss than last year, largely due to a year-over-year increase in non-cash workers’ compensation expense. Total operating revenue was $79.5 billion, up 1.7%.

More trouble at the USPS.

https://www.reuters.com/world/us/us-postal-service-warns-it-must-continue-cost-cuts-or-remains-path-possible-2024-11-14/

[Swede]

1. US Military service warns it must continue cost cuts or risk bailout

[Volaris]

13. Its not a bailout its a fucking constitutional requirement.

We have to have one, ergo, We The People have to pay for it...regardless of how little republicans would actually rather not spend on it.
I'm not sure how this is complicated...

[bucolic_frolic]

2. Forever stamps paid the bills 2,3,5 years ago.

So they have to raise prices on everything else. Astronomically. A post box is about 10 times what it was in 2000. They've tried every gimmick. Flat rates, regional boxes, now forever boxes. Certified, insured. Postal store items. All triple, 5x or more. Regional boxes cancelled. Flat rates only on tiny boxes now. Consumers get less and less as they pay more and more. This is not a business, it's a racket.

[Horse with no Name]

3. I'm so glad we got rid of DeJoy

If you have someone on the inside with a wrecking ball, unfortunately it is going to be wrecked

[Emile]

4. Get rid of Louis DeJoy and it will be fine.

[IzzaNuDay]

9. Now that OFF will be back in office

DeJoy will continue to destroy USPS.

[Johnny2X2X]

5. Gross miscalculation from the USPS

They needed to get things as sorted as possible this year in order to survive the next 4. Trump and the GOP would love nothing more than to put the 1/2 million union wokrers at the USPS out of a job.

[BigMin28]

6. Dejoy is succeeding

Was there no way to repel the laws put in by George w and the GOP requiring the USPS to fund pensions 75 years out? It was written to privatize the the Postal Service, just as Medicare Advantage plans were introduced to eventually privatize Medicare. That's is what they want with everything. Too hand operations of these things to corporations and Wall Street. Think of the fun they could have managing the Social Security trust fund.

[yorkster]

11. I thought that Bush era 75 year pension

Last edited Fri Nov 15, 2024, 10:02 AM - Edit history (1)

albatross was voted out a few years ago.
Have to do some digging.

Update - Postal Service Reform Act of 2022 eliminated the funding of pensions 75 years out.
So, there's that. Still think they will try to privatize the Postal Service.

[Emile]

7. DeJoy's salary $480,985.00 would be a good place to cut costs.

[kerouac2]

8. It's not a for profit business

So it's not a bail out.

[ratchiweenie]

10. I assume he's trying to bankrupt it to the point where it can be sold off to private entities like FedEx. That's where

the Oligarchs want all government services to go.

[leftstreet]

12. Yep

Cut funding, watch it fail, hand it over to private enterprise

USPS, Schools, SS, Medicare...the tax funded list is long in their minds