Why is the USPS losing money?
The Postal Service lost $2.2 billion in its most recently reported quarter.
The volume of mail—letters, rather than parcels—has fallen faster than expected because of the pandemic.
Congress allocated $10 billion in funding for the USPS under the Cares Act to help offset the worst effects of the pandemic..
When did the USPS start losing money?
When Postal Service Losses Began Although the Postal Service lost money in the early part of the decade, in 2001 and 2003, the most significant losses came after the passage of a 2006 law requiring the agency to refund retiree health beneﬁts.
Is the USPS in debt?
USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue.
How is the USPS doing financially 2020?
Operating revenue was $73.1 billion for 2020, an increase of nearly $2.0 billion compared to the prior year, driven by an increase in Shipping and Packages revenue of $5.8 billion, or 25.3 percent. … Package volume grew by nearly 1.2 billion pieces, or 18.8 percent, compared to last year due to the surge in e-commerce.