After two "Forever" postage stamp hikes, the USPS lost nearly $10 billion in 2024

[BumRushDaShow]

Source: CBS News

November 14, 2024 / 5:56 PM EST


The U.S. Postal Service on Thursday said its annual loss widened to almost $10 billion, although revenue rose slightly after two postage rate hikes this year, part of Postmaster Louis DeJoy's plan to get the postal agency on a better financial footing. The USPS said it lost $9.5 billion in the fiscal year ended September 30, compared with a loss of $6.5 billion a year earlier. The postal service blamed the wider loss on billions spent on noncash contributions to worker compensation.

Excluding that expense as well as what it described as other "certain expenses that are not controllable by management," the USPS said it would have lost $1.8 billion in fiscal 2024, compared with a loss of more than $2.2 billion a year earlier. Revenue rose 1.7% to $79.5 billion in the most recent fiscal year.

The USPS is in the midst of a 10-year overhaul engineered by DeJoy, who has argued that higher postal rates and other changes are essential to staunch the postal service's financial bleeding. Under his original plan, the USPS had aimed to turn a profit in fiscal 2024, but instead, the agency has now reported mounting losses for two consecutive years, raising questions about the effectiveness of the turnaround effort.

DeJoy said the agency is focused on reducing its costs, but that it is also dealing with "many economic, legislative and regulatory obstacles for us to overcome." The USPS has raised postage rates twice in 2024, with a two-cent per stamp increase in January and a second boost in July, which raised the cost of a Forever stamp to 73 cents.

Read more: https://www.cbsnews.com/news/usps-lost-almost-10-billion-2024-postmaster-louis-dejoy-postage/

[Lovie777]

1. Destroying the USPO is his initial goal....

Mission almost complete.

[poozwah]

7. oh dejoy

them thair bizznessmen kin reely run the gummimint……….right into the ground.

[LiberalArkie]

2. They are buying a new fleet. Expect losses. Any normal company would

[2naSalit]

3. Imagine that.

[quaint]

4. Huge regret Dejoy is still in charge.

Last edited Fri Nov 15, 2024, 09:46 AM - Edit history (1)

Which demographic still sends paper checks? Which sends the most physical greeting cards?
In my life, it's older people and those with less, no smart phone, etc.
End whine.

[doc03]

5. I don't know if this is a national problem but our local mail delivery

has certainly gone downhill the last couple years. In the past our mail carrier was reliable and
came close to the same time. Now the mail carrier will show up about 4 pm at the earliest and as late as
7:30 pm. I am the last customer on a rural route, sometimes he just puts left over mail in my box, one day
I got mail for three other people and none myself. One day I got a royalty check in the mail, I went to the bank
to cash it and saw it wasn't for me. It had the same first name and the last name started with a K same as mine
but was for someone a couple miles away. I haven't complained, I wouldn't want anyone to lose their job but
at least one neighbor has. I thought mail carriers worked regular hours like 8-4 or something like I said this guy
can show up as late as 7:30. The mail carriers are overworked, not trained, don't give a shit or not qualified.

[Rebl2]

13. Yes it

is a national problem. Have a sister in CA and she has the same problem I do in the Midwest.

[IbogaProject]

14. They are using more provisional workers

You probably had a union member before, and now you have what ever they call their lower cost workers. With all these "budget" shenanigans going on not all carriers are permanent employees. Or that carrier is doubling up and doing your route after his main one.

[Emile]

6. He has one mission, destroy the USPS.

[FakeNoose]

8. The US Postal Service was never supposed to be "profitable"

It's not a business, it's a government service. The main problem with the US Postal service is the top management, namely Louis DeJoy. He should have been kicked to the curb long ago.

[justaprogressive]

11. THIS

thread winner!

[moose65]

12. That is correct!

It's a SERVICE!

The National Park Service doesn't make a profit either. Neither does the Secret Service.

Services are meant to be paid for, not profit makers.

[Maeve]

9. Price hikes are PART of the problem---cheaper ways to send money and greetings

I pay almost all bills online now--buy stamps maybe twice a year, mostly for my Mom's mail.

The post office was never meant to make money; it was meant to be a government supported communication system and rural areas are the ones feeling the pain.

[travelingthrulife]

10. Mission accomplished, eh DeJoy?

[kacekwl]

15. Do they make money

delivering all the Amazon packages ? Should charge top price for that service.