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Post office reports record loss of $15.9B for year

WASHINGTON — The struggling U.S. Postal Service is reporting a record annual loss of $15.9 billion.

The financial losses for the fiscal year ending Sept. 30 were nearly $11 billion more than the previous year.

The numbers cap a tumultuous financial year in which the post office was forced for the first time to default on more than $11 billion in payments to avert bankruptcy.

The mail agency for months has been urging Congress to pass an overhaul bill to let it trim letter delivery to five days a week and reduce annual payments for future retiree health care.

Postmaster General Patrick Donahoe says the large losses cannot be sustained.

The mail agency forecasts billions in additional losses next year as it awaits financial relief from Congress.

Comments

VSU 1 year, 9 months ago

That's a lot of postage stamps.

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VietVet1 1 year, 9 months ago

Yet they pay HUGE $$$$$ to work over time on April 15 tax day. Please explain why? If the post office closes at 5pm - then close at 5pm. And don't forget the bonuses. Cut Wednesday & Saturday delivery. With that they should be able to run in the black.

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missdaisy 1 year, 9 months ago

Could UPS, FedEx, or DHL survive such losses? They don't have the ability to just soak the taxpayers even more for another failed government bureau. The Post Office is not efficient because they don't have to be.

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Sherwood_Eagle_Alum 1 year, 9 months ago

Unbelievable...

I think it's time to privatize the USPS. A net loss of almost 16 Billion in one year??

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chinaberry25 1 year, 9 months ago

Sherwood, it would take a Congressional approval because no one but USPS can deliver 1st class mail. My mail gets slower and slower every week and they have not even moved the sorting center.

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Sherwood_Eagle_Alum 1 year, 9 months ago

Oh, I'm not saying it would happen overnight, but it's necessary given the state of their financial situation. It's not like this is a one time thing either. Already projecting net losses in the billions for next year as well.

As taxpayers we would do better to take those tax dollars, shred them up, and use it as insulation for our homes.

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chinaberry25 1 year, 9 months ago

Forgot to say they are also unions and you know how that goes. They would probably be making money if they were not union backed.

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Sherwood_Eagle_Alum 1 year, 9 months ago

I agree, unions are as outdated as the typewriter. At one time they were necessary, but now they are practically useless.

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