$9.5 Billion USPS Loss for 2024
Amid $9.5 Billion USPS Loss for 2024, Keep US Posted Releases Comical Video to Support ‘USPS SERVES US Act’
– by Beth Dozier
WASHINGTON, D.C. (November 14, 2024) — Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs, forestry and recycling interests, and small businesses — today responded to the U.S. Postal Service’s announcement of a $9.5 billion loss for fiscal year 2024 by releasing a video comically highlighting the failures of the “Delivering for America” plan.
The new video is intended to drive awareness of USPS mismanagement and support for the “USPS Services Enhancement and Regulatory Viability Expansion and Sustainability for the U.S. Act” (USPS SERVES US Act, H.R. 9839). The proposed federal legislation will empower the Postal Regulatory Commission (PRC) to course-correct USPS decisions which are hurting its ability to serve the American people and driving it into financial ruin.
“Americans are frustrated with the U.S. Postal Service because it’s essential to our daily lives and the only courier able to deliver for all Americans, yet it has become prohibitively expensive and unreliable for businesses and consumers alike,” said Keep US Posted Executive Director and former Congressman Kevin Yoder (R-Kan.). “Our hope in launching this video is not to troll Louis DeJoy, but to make USPS consumers feel heard and to tell everyone that there’s a solution — and that’s the USPS SERVES US Act. We want to prevent the taxpayer bailout that USPS will need if it keeps going down the same path toward complete financial ruin, as was indicated during today’s release of the USPS 2024 financial results.”
Yoder continued, “During today’s open session, the USPS Board of Governors announced the staggering $9.5 billion loss for the year, which is more than $3 billion above projections. The losses driven by mail volume declines of more than 3 percent, negating a meager 3 percent increase in package volumes. The USPS keeps absorbing staggering losses, despite the 2022 Postal Service Reform Act, which would have financially stabilized it.
Louis DeJoy ignored the intent of the landmark bipartisan reform bill so he could pursue the Delivering for America plan’s disastrous postage increases and misbegotten focus on packages over traditional mail, which is still the largest revenue-generator for USPS. The bottom line is that these consistent financial losses are driven by stamp hikes which lead to disastrous mail volume losses, plus the complete failure of USPS to capture parcel market share in already crowded package delivery space. As of today, USPS is also proposing to eliminate any cap on stamp prices, while increasing its borrowing limit to place more risk on the backs of taxpayers. Congress simply cannot allow USPS to go on like this.”
The new Keep US Posted video highlights the downfall of recent USPS decision-making as it comically follows a character called “Mr. Mismanagement” through several scenarios in which the mail is late, undelivered and too expensive. Mr. Mismanagement visits an American whose tax return was late and faces a steep penalty from the IRS, a business owner having difficulty with direct mail, a bride whose wedding invitations were not delivered, and more. The video helps illustrate the need for meaningful Congressional reform — the USPS SERVES US Act — to address these all-too-common issues with the mail.
This is what you get for applying free enterprise management to a vital service.
I think it is more about Louis Dejoys leadership and Trumps wanting to commercialize the USPS.
We will see more of this over the next few years.
probably just the financialization of the USPS, which will lead to the failure to do its one mission, delivering the mail. which some seem to think is an ok thing, i guess they have no idea of the impact that will have on the economy and country