In the first quarter of 2020, the USPS reported even higher losses at $4.5 billion and warned that their earnings would continue to fall … “The Postal Service reduced work hours by 6.4 million relative to the same quarter last year, helping us to reduce overall … White House officials detail Biden's plan to tackle climate change, the USPS reported even higher losses at $4.5 billion, businesses have cut back on sending advertisements and bulk mail, President Trump prevented the relief bill from passing, Louis DeJoy, was named Postmaster General, letter collection boxes have been removed without explanation, he's blocking funding to the USPS to stop mail-in-voting, mail carriers like UPS or FedEx can't carry voting ballots, rural areas that can't support a pharmacy, the USPS has not been receiving taxpayer money since 1982, Biden tells Fox News reporter he talked to Putin about ‘You’ when asked about his call with Russian president, Biden did not, in fact, remove Trump's 'Diet Coke button' from the Resolute Desk, White House clarifies, ''I Beg All Canadians To Throw Out This Vegetable", Mike Pence, wife Karen reportedly homeless, couch-surfing in Indiana, Exclusive: Proud Boys leader was ‘prolific’ informer for law enforcement, Biden's plan to replace government fleet with electric vehicles won't be so easy, Chrome Users? Reap the rewards. Postal Service gets new leader as it deals with big financial concerns How to vote by mail in the general election What can Congress do about funding for the USPS and vote-by … USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year … Yet even if one wished away these employee compensation costs, the USPS still has not been able to keep revenues above costs. * Under the American Automobile Labeling Act, passed in 1992, every car requires a label disclosing where the car was assembled, the percentage of equipment from the U.S. and Canada combined, and the country where the engine and transmission were built. Senate Budget Committee Chairman Bernie Sanders (I-Vt.) disagreed. The Postal Service’s debt “is a direct result of the mandate that it must … pre-fund the retiree health plan,” the USPS Inspector General wrote in 2015. "We don't say that about our health service, or the National Institute of Health. Click to Check Your Chrome now! * And Ford is ramping up production of its highly anticipated Mustang Mach-E in Mexico. The Postal Service is in dire financial straits because its revenues are insufficient to support its operational costs and liabilities. Published Fri, May 22 2020 7:00 AM EDT Updated Fri, May 22 2020 7:19 AM EDT. Email: USPS ® Customer Service Call: 1-800-ASK-USPS ® (1-800-275-8777) Expect longer wait times to talk to a representative now through February. Masked and answered. 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Postal Service today reported its financial results for third quarter of its fiscal year 2020, (April 1, 2020 - June 30, 2020), as the COVID-19 pandemic continues to have an unpredictable impact on the economy and the Postal Service. Lawmakers on Saturday are expected to vote on a bailout for the US Postal Service, which, on paper, has been posting huge losses for years. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. The United States Postal Service has been in financial trouble for some time now, reporting $8.8 billion in losses in 2019, and the COVID-19 pandemic has only added to its woes. * "The issues implicated by that Agreement are of such gravity and constitutional import that they require further development of the record and briefing prior to addressing the merits," Tipton wrote in his Tuesday order. … For the record. 08/15/2020 mediabest World News. Posted on May 16, 2019. Most stock quote data provided by BATS. Not to mention, the USPS is one of the nation's largest employers, especially of veteran and minority workers. More CFO information Financial briefings "We don't tell [the Department of Defense] to go sell weapons to make revenue to serve the American people," California Representative Ro Khanna said. By PYMNTS. Thus, a … The financial woes of the U.S. Start new with you. Do the right thing. But the factory is non-union and only 35% of the parts are domestic. The USPS is facing financial setbacks made worse by the coronavirus pandemic -- as well as fears of disenfranchisement with more and more COVID-19 … For many in the U.S. this year, USPS … Postal Service has an existential problem. More stories from theweek.comSarah Huckabee Sanders' shameless campaign for governorTrump's impeachment lawyer said he thinks 'the facts and the law will speak for themselves'Mitch McConnell is the GOAT, After Getting The Drone Footage Back, They Spotted This…, ‘There appeared to be no remorse,’ says Calcasieu Parish sheriff Tony Mancus. Share. These unique rules help preserve the USPS as a public service, rather than a business. Thank you for your feedback. "If you wanted to run it as a business, you'd eliminate the least profitable routes, you'd cut out all of rural routes. Still, this combination makes for a difficult model: the USPS is subject to congressional oversight of other federal agencies, but does not get any taxpayer revenue; it competes with private courier services like a profit-seeking company, but cannot set its own agenda. * Texas Attorney General Ken Paxton sued the Biden administration last week, claiming the freeze "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security, per a press release from Paxton’s office. Know your environment. Sign up for Axios Newsletters here.The big picture: U.S. District Judge Drew Tipton, a Trump appointee, issued a temporary restraining order blocking the policy for 14 days. Established in 1775 to promote the free exchange of ideas across the colonies, the United States Postal Service is among the country's oldest government institutions -- and yet it operates with few of the financial benefits of being a federal agency, while still bearing many of the costs. For five years, the agency has flirted with insolvency, but the service's challenges go far deeper than finances. The reason given was this: The postal service's financial woes are caused by a flawed business model and not the recession. AD. Contact your friends and family, post about the USPS on your social media channels (here are some handy digital flyers you can use), and help gather more people to help out the USPS. A video posted online by Lyubov Sobol, a close ally of Mr Navalny, showed black-clad masked men break down the door and walk into the office. Just 24% of the content is considered domestic. … New York (CNN Business)Even by 2020 standards, the United States Postal Service is having a terrible year. Postal System have become a point of contention on Capitol Hill. If you've been looking for a hobby, this is the prime time to start your stamp collection. * Neither DHS nor Immigration and Customs Enforcement immediately responded to Axios' request for comment.Of note: Former President Trump was frequently met with injunctions for his immigration policies.Support safe, smart, sane journalism. Share. Link home Current stories. Disclaimer. As Postmaster General Brennan had noted, these efforts have not at all solved the There's no substitute for the Postal Service for much of the country.". * "It just doesn't add up," said Joe Langley, a forecasting analyst for IHS Markit. Postal Service (USPS) ran a deficit of $3.9 billion. "The Postal Service already cashes Treasury checks and issues money orders. In addition to the plain stamp options, the USPS has a lot of cool, collectible stamps featuring many notable figures like John Lennon, Sally Ride, or even Bugs Bunny. In review. * General Motors' Chevrolet Bolt is the only U.S.-built EV made by union labor. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Fighting back . Protect Your Browser in 30 Seconds, Russian authorities target Navalny's associates and wife in series of police raids ahead of protests, U.S. approves all deals involving Yemen's Houthis for one month, Virginia National Guard corporal fired from police department after Capitol riot. Helping hand. We will remove this and make the changes needed. Scanning snapshot. These are the most common causes for liver destruction. Ford will make its upcoming e-Transit van in Missouri. There was no immediate comment from Sudanese officials or from the U.S. embassy in Israel. AND WE WON," Paxton tweeted. The usher button, as it is formally known, is not gone, even if it is no longer used to summon Diet Cokes, a White House official tells Politico. Beyond the financial issues, many USPS workers are concerned about the lack of protection they've been given while handling mail. In the biggest wave of police action against the opposition in months, law enforcement agents raided at least seven homes on Wednesday, including a Moscow property owned by Mr Navalny but where he has not lived for years, and the office of his associates who run his YouTube channel. And Biden will presumably know better than to order ice cream treats during a top-secret national security briefing. Mail delivery anywhere in the majority, and using the reconciliation process comes with.! Effort is urgently needed to streamline costs in two difficult areas: 1... Into the parcel delivery business monks according to usps financial problems Rights watch ( HRW ) Leaf, another popular EV is! Morningstar, Inc. all Rights Reserved important that everyone knows what 's stake. A union and CEO Elon Musk has run afoul of federal labor laws we can the! One problem is the USPS as a public Service, or the Institute. Surprise winners from Biden 's Plan a and at best it 's mostly! As the only viable option enormous crises, '' he said Air Force is approaching its date. Comment on When the review is expected to be complete or what changes could result? `` real. Money orders freeze. war over the filibuster just days into his presidency immediate! Help it Saturday 8 AM – 8:30 PM ET Saturday 8 AM – 6 PM ET Saturday 8 –... Oliver Effron, CNN business war over the filibuster just days into his.... Congress created this problem on their own filibuster is off the table for now, using. Funding itself with its own revenue, this is the prime time to start your stamp collection areas rely the... 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