USPS

[RealMuddyboots]

How about not taking on long term package contracts at a miserable loss? Might not be a business but it is the taxpayers money being wasted. Its not a free service, justify its budget, spending, resources and its annual "business" plan going forward. The USPS should be on a 4 year business plan for budget no different than common business practices.

How about employees being managed for their performance instead of everyone gets a trophy for just showing up? No has a guaranteed job with being managed for their work performance. If there is dead wood, trim it out.

 

[RookieSeason]

USPS pension has a $120B unfunded liability. That is why they "lose" money.

The pension certainly is a contributing factor, I find it interesting the estimated unfunded liability in 2022 was $96B. Didn't the Postal Service Reform Act (2022) remove nearly $60B in past due postal liabilites? Additionally, it looked to reduce another $50B over the next 10 years. One would think after recieving $107B you would see a reduction in net loss but this isn't case 2023: net fiscal loss $6.5B 2024: net fiscal loss $9.4B.

2023 reports the USPS retirement cost totaling $10B annually. In 2018 the labor cost was $57B (you can imagine that has increased significantly). Add in the equipment, facilities and other costs to operate and we approach the approx 88B in yearly expenses. They "lose" money because they generate less than they spend. The finical issues experienced by the USPS have been going on for years (bi partisan--lots of years), its probably about time to try something new to improve their efficiency.

 

[RealMuddyboots]

2023 reports the USPS retirement cost totaling $10B annually.

Another reason to move federal employees into Medicare and SS with appropriate funding. The separation of Federal employees from everyone else is bs their retirement packages so different from everyone else. One system, everyone contributes into one system. No more golden parachutes.

 

[SAJ-99]

The pension certainly is a contributing factor, I find it interesting the estimated unfunded liability in 2022 was $96B. Didn't the Postal Service Reform Act (2022) remove nearly $60B in past due postal liabilites? Additionally, it looked to reduce another $50B over the next 10 years. One would think after recieving $107B you would see a reduction in net loss but this isn't case 2023: net fiscal loss $6.5B 2024: net fiscal loss $9.4B.

2023 reports the USPS retirement cost totaling $10B annually. In 2018 the labor cost was $57B (you can imagine that has increased significantly). Add in the equipment, facilities and other costs to operate and we approach the approx 88B in yearly expenses. They "lose" money because they generate less than they spend. The finical issues experienced by the USPS have been going on for years (bi partisan--lots of years), it’s probably about time to try something new to improve their efficiency.

I’m not fully up to date on that but it appears that act removed the requirement to pre-fund retirement benefits and incorporated the health benefits into Medicare, although not sure the effect of that. From my perspective, it created the underfunding of the pension. The pension, specifically the health care part, is the largest financial burden for the USPS. The USPS has more retirees taking a pension than they have active employees. Any time a company reaches that point, it starts to see a financial drag. And you can get rid of the USPS completely, because a letter or package was late or whatever, but you can’t get rid of the pension liability.

 

[timberman56]

had a payment that was late from a co 85 mi. away.. called them after 17 days. said they mailed it. was about to get them to stop payment and send another check. check arrived 21 days after it was postmarked. geesh