Why The U.S. Post Office Is In Trouble – 678,539 Employees And A $9.2 Billion Loss In 2020. A snowy day for the mail. … A General Accountability Office (GAO) report found that USPS lost $69 billion over the previous 11 fiscal years—including $3.9 billion in fiscal year 2018.
In respect to this, is the USPS in debt?
Further, at the end of fiscal year 2020, USPS’s total unfunded liabilities and debt were $188 billion—more than 250 percent of its annual revenue. These unfunded liabilities included about $75 billion in underfunding of retiree health care benefits, and about $61 billion in underfunding of pension benefits.
Subsequently, will USPS offer buyouts in 2020?
The Agriculture Department and the U.S. Postal Service are offering VERAs to select employees. But so far no buyouts are included. And the track record when early-outs are offered without a buyout is that few people choose to leave early.
How much money is the post office losing?
The Postal Service lost $2.2 billion in its most recently reported quarter. The volume of mail—letters, rather than parcels—has fallen faster than expected because of the pandemic. Congress allocated $10 billion in funding for the USPS under the Cares Act to help offset the worst effects of the pandemic.
Where does the USPS get its money?
The Postal Service receives no direct taxpayer funds. It relies on revenues from stamps and other service fees. Although COVID-19 has choked off the USPS revenue in recent months, factors that arose well before coronavirus have contributed to the unsustainability of the Postal Service’s financial situation for years.
Is the United States Postal Service privately owned?
The U.S. Postal Service (USPS) is a large business enterprise operated by the federal government. It has more than 600,000 employees and more than $70 billion in annual revenues.
Who owns United States Postal Service?
The United States Postal Service (USPS; also known as the Post Office, U.S. Mail, or Postal Service) is an independent agency of the executive branch of the United States federal government responsible for providing postal service in the United States, including its insular areas and associated states.