Please check your inbox to confirm. ©2021 FOX News Network, LLC. or redistributed. The circles below represent the relative size of each U.S. government bailout of … Find information on our most convenient and affordable shipping and mailing services. It continues to hemorrhage money and routinely reports big losses when the agency announces its financials at the end of each quarter or year. The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue. "Despite our efforts and our hard work, we cannot return the organization to profitability or secure our long term financial outlook without the passage of comprehensive reform legislation," Jeffrey Williamson, United States Postal Service executive vice president, told the House Oversight and Government Reform Committee recently. Postal Service … Postal Service on Wednesday, voting to give the struggling agency an $11 billion cash infusion while delaying controversial decisions on closing post offices and ending Saturday delivery. Postal Service just revamped its priority mail program to raise revenue and drive new growth in its package delivery business. Subscribe to ‘Here's the Deal,’ our politics newsletter. Powered and implemented by FactSet Digital Solutions. Postal Service reported revenue of $69.6 billion for fiscal year 2017 (October 1, 2016 - September 30, 2017), a decrease of $1.8 billion compared to the prior year. WASHINGTON — The U.S. Welcome to USPS.com. But adding billions of dollars to an already-beleaguered program is simply the wrong solution to a longstanding problem. WASHINGTON — The U.S. The U.S. All rights reserved. “No other shipper delivers as many e-commerce packages to the home.”. Business Insider cited a 2017 Citi analysis which calculated the USPS was undercharging Amazon by $1.46 per package, which a Morningstar analyst said still holds true today. “Understanding that universal service (to every U.S. ZIP code) is a requirement, it may need to look different as we emerge post pandemic,” he said. Medicare cannot afford a reckless USPS bailout. The Postal Regulatory Commission will issue a decision in the coming weeks that could give the Postal Service more flexibility to raise prices beyond the rate of inflation, marking the biggest change in its pricing system in nearly a half-century. Post your thoughts and opinions here about current Postal employee topics. Revenue came to $69.6 billion, down from $71.5 billion last year. This material may not be published, broadcast, rewritten, or redistributed. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. To avert bankruptcy, the post office has defaulted on the multibillion-dollar health prepayments each year since 2012. ... Federal Soup » AGENCIES/ORGANIZATIONS/MILITARY » Postal Employees » USPS BAILOUT COMING TODAY? Postal Service just revamped its priority mail program to raise revenue and drive new growth in its package delivery business. Postal Service could be headed for a bailout if budget woes are not addressed with significant reforms, argued an expert Friday. Still, its parcel success hasn’t translated to profits. Thank you. In introducing the Postal Reform Act of 2017, lawmakers hope to use Medicare funds to bail out the retirement funds awash in red ink at the USPS. The audit explains that the Postal Service lost $62.4 billion between FY 2007 and FY 2017, with $54.8 billion of these losses relating to retiree health care prefunding that it had been required to pay down as part of Postal Accountability and Enhancement Act of 2006. The article went on to say Amazon strategically bulks up its own parcel volume in easier-to-serve, dense ZIP codes that are more … Powered and implemented by FactSet Digital Solutions. "Not only does our bill modernize the Postal Service and give it the tools and resources it needs to make tough but necessary business decisions to cut costs and increase revenue, but it also directly addresses the source of the Postal Service's two biggest financial liabilities -- retiree pension costs and health care costs -- so taxpayers won't be left on the hook for these obligations in the future," Carper told Fox News. Learn more about Friends of the NewsHour. In introducing the Postal Reform Act of 2017, lawmakers hope to use Medicare funds to bail out the retirement funds awash in red ink at the USPS. Report warns USPS may not be able to pay health benefits, Cops: Lazy NY mailman trashed 1K letters, packages, Sen. 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