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However, the post office cant change that model without congressional approval. In its 2020 fiscal year report, the USPS stated that mail volume had declined by 13.8 billion pieces, accelerated by the pandemic. The politicians supported through these funds have gone on to launch vicious attacks on USPS workers. How is it that the USPS is earning millions of dollars while also facing one of the greatest financial crises in its history? And it needs an infusion of capital right now." Postal Facts 2020 provides the public with information about the Postal Service. The answer can be traced back to a 2006 law from Congress. The memes resurfaced in April 2020 as a bill in the House of Representatives proposed to forgive the agencys debt as part of a stimulus package aimed at mitigating the economic fallout associated with the COVID-19 pandemic.. While pre-funding other retiree benefits is normal for both private and Supervisors and managers of field units must complete the Employee Debt Modification Request Form using the eIWS OnLine Forms application (olf.usps.gov/OLF) to notify Accounting Services to suspend or restart auto-collection, or to modify an employee receivable debt. This sounds like some screwy conspiracy theory. the 1,400-page bill would also forgive the Postal Services $11 billion debt to the Treasury Department and (Photo by Spencer Platt/Getty Images), America's Top Givers: The 25 Most Philanthropic Billionaires, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit And Pushing For Change, Had Your Income Drop In 2020? The Postal Services $15 billion debt is a direct result of the mandate that it must pay about $5.6 billion a year for 10 years to prefund the retiree healthcare plan. Brennan requested $75 billion in financial assistance from Congress. The American Postal Workers Union has consistently wasted millions of dollars in each election cycle, funding primarily the Democratic Party, but has recently started to increase funding for Republicans. Postal management has requested $75 billion in financial relief from Congress and additional debt forgiveness, but the need for immediate assistance remains in question. All Rights Reserved, This is a BETA experience. On the plus side, package volume grew by nearly 1.2 billion pieces 18.8% compared to the previous year due to the surge in e-commerce. Even though Trumps allies sold the voter fraud conceit to him to explain his loss of the popular vote in 2016, the issues the USPS faces are far older and deeper than the current tsuris. The four unions responsible for this are the American Postal Workers Union, National Association of Letter Carriers, National Postal Mail Handlers Union and National Rural Letter Carriers Association. July 29, 2020 at 4:36 p.m. UTC The Treasury Department agreed to loan the U.S. These five charts depict the immensity of USPSs financial challenges. Given that the postal service had been a major employer of veterans, that effectively means transferring a significant financial burden from the Department of Defense to the USPS, according to Rubio. Claim: The U.S. economic downturn due to the COVID-19 coronavirus pandemic in early 2020 was forcing the United States Postal Service to close. Another $14 billion is needed to pay off long-term debt My credits include Fortune, the Wall Street Journal, the New York Times Magazine, Zenger News, NBC News, CBS Moneywatch, Technology Review, The Fiscal Times, and Inc. Get my free newsletter athttps://eriksherman.substack.com. President Nixon transformed the postal service from a department of the executive branch into a public corporation in a move that provoked a powerful national strike by postal workers. The federal government was in debt to the USPS. USPS Debt and Stamps published May 22, 2020 by Dave Granlund politicalcartoons.com Postal Service 'Unsustainable,' Says GAO. That was better than a $5.6 billion loss in the prior year but was mainly due to That is the eighth annual loss in a row and the third-highest ever. By Veronica Mohesky September 16, 2020 U.S. A major strike by postal workers in 1970 over wages and benefits, even though the law didnt allow this, started a series of monetary dominoes. COVID-19 and the economic devastation it sparked has further accelerated the crisis of USPS, with former CEO Megan J. Brennan telling Congress in late May that without support it would run out of cash to pay its over 600,000 employees by September. This requirement has deprived the Postal Service of the opportunity to invest in capital projects and research and development. Except, when you look at the history and basic business math, its hard to argue with. Claim: The U.S. economic downturn due to the COVID-19 coronavirus pandemic in early 2020 was forcing the United States Postal Service to close. The U.S. WASHINGTON The U.S. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. And That Was Before COVID-19 Hit. It was 44% of the 2020 federal discretionary budget. In addition to horrific work conditions, the USPS has deliberately hidden COVID-19 cases from the workforce. You dont require full funding in advance, including pensions for people who havent been born, let alone hired, unless you want to make it difficult to run the organization. The United States Postal Service (USPS), the nations national mail carrier service, is under increased scrutiny from politicians who are warning that the agency is not prepared to handle the tens of millions of mail-in ballots which are expected to be sent for the November election. On top of that, it has many years worth of Alongside privatization, the wages, benefits, and work conditions of postal workers have long been under assault, with the collusion of the postal worker unions. CORRECTION: This article originally stated that the Post Office implemented a 5 percent increase in WASHINGTON The U.S. This operational pivot is long overdue and today, we are talking about the first step in a journey we must take together, for the health and stability of the Postal Service. The Postal Service needs billions, the agency told Congress, and Democrats want to provide a bailout. President Trump in recent weeks has called the Postal Service "a joke" as the agency is experiences delays in mail delivery due to the coronavirus pandemic and financial pressures. Mail Volume [] [T]he USPS was on the hook for the whole pension of any veteran who worked for it because of the 2003 Pension Reform Act, Rubio wrote. How is it that the USPS is earning millions of dollars while also facing one of the greatest financial crises in its history? While there are many factors that led to the USPS current state of debt, there are two primary reasons why that debt has now balloomed. In 2006, a Republican-dominated Congress passed a bill, signed by George W. Bush, that required the USPS to pre-fund, over a ten-year period, pensions for 75 years in advance. In 2011, President Barack Obama announced the closure of 3,700 post offices. Instead, youd start over. Along with $8 billion of cash it has on hand, USPS would have about $22 billion in liquidity that would hopefully get it through the 2020 calendar year and possibly into 2021 even if The legislation, which was welcomed by the Postal Service, faces an uncertain future in the Senate. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. Management at the United States Postal Service (USPS) has taken a big step toward privatization with the July 10 release of an internal memo stating that mail deliveries would be delayed due to cost cutting and a subsequent directive prohibiting overtime and promising more to come.. The Postal Service is in dire financial straits because its revenues are insufficient to support its operational costs and liabilities. Mail Volume [] You may opt-out by. This is a massive source of profit that the financial oligarchy is attempting to take over completely. Postal workers throughout the world are facing the same struggle. "The Postal Service is insolvent," he says. Welcome to USPS.com. The USPS has lost $78 billion since 2007, Publicly Released: Mar 10, 2020. He said the Postal Service is more than $160 billion in debt. These five charts depict the immensity of USPSs financial challenges. If approved by the Senate, the legislation would remove $5 billion a year in debts that the USPS pays for the expected costs of health benefits for future postal retirees. The answer can be traced back to a If banks couldnt be bothered with them, postal banking, with branches everywhere, was available. The House Democrats' proposal would have granted the Postal Service $25 billion and forgiven $11 billion in debt. Injuries are commonplace and often rewarded with layoffs, as a lawsuit earlier this year revealed, with 44,000 workers fired after getting injured on the job. According to USPS, its peak number of full-time postal workers was 797,795 in 1999. Freelance business, economics, finance, and tech journalist. 2021 Forbes Media LLC. Logistics and delivery workers are among the most powerful workers on the planet, and their power has grown as COVID-19 renders their services all the more essential. The Postal Service needs billions, the agency told Congress, and Democrats want to provide a bailout. Postal Service $10 billion in emergency coronavirus relief funding Wednesday in The Postal Service, which employs 650,000 people, is asking for $75 billion in aid from the government, and, according to The New York Times, another $14 billion to pay off debt related to a retirement benefits program a whopping $89 billion total. But the new USPS became responsible for the ongoing increased pension benefits. This was outlined clearly by President Donald Trumps 2018 plan calling for the privatization of USPS either through the launch of an Initial Public Offering on the stock market, or sale to an existing company. Ultimately, much of it comes down to a scheme that was a subsidy for the Department of Defenseresponsible, by the way, for 18% of all on-budget spending in the 2019 fiscal year. According to its website, the USPS handles 48 percent of the worlds mail volume, generated $71.1 billion in revenue in 2019 andif it was fully privatizedwould be number 44 in the Fortune 500 list of the worlds largest companies. Chart 1. The House will cut short its August recess to address United States Postal Service. No assistance was given, however, and the USPS is surviving off of its remaining cash reserves and a $3 billion loan from the US Treasury, placing it further in debt. The Postal Service, meanwhile, continues to gather debt. In 2006, the Postal Accountability and Enhancement Act (PAEA) ordered the USPS to pre-fund employee retiree health benefits for the next 75 years. Congress turned the Post Office Department into the U.S. The federal government was in debt to the USPS. Postal workers work with faulty and outdated equipment; according to documents obtained by Motherboard, USPS delivery trucks burst into flames at a rate of one truck every five days. Then theres one additional insult. CORRECTION: This article originally stated that the Post Office implemented a 5 percent increase in The pre-funding is the source of most of the deficitsabout $110 billion as a direct result, according to the office of Rep. Peter DeFazio (D-Ore). UPS has announced a $138 million expansion of its Atlanta facility. Pension funds get invested to grow over time so they can meet obligations. To understand the postal systems dire financial straits takes some history. Postal Service, to run as a self-supporting business. USPS Debt and Stamps published May 22, 2020 by Dave Granlund politicalcartoons.com Congress authorized the USPS to borrow $10 billion from the US Treasury Department as part of the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act). What the USPS needs is not a bailout but rationale operating conditions and a chance to do its part in the fall elections. Kevin R. Kosar is the vice president of research partnerships at the R Street Institute. Postal Service has over 31,000 retail facilitiesa network reaching into almost every community in the nation. (Lets remember, by the way, that the odds of voting fraud occurring are so low that its more likely youd be struck by lightning or attacked by a shark.). Additionally, with 2020 being an election year, many people rely on the USPS for mail-in voting. What you need to know about US Postal Service's funding crisis, and how it could impact your vote in the November election Grace Panetta 2020-08-14T22:09:13Z President Trump in recent weeks has called the Postal Service "a joke" as the agency is experiences delays in mail delivery due to the coronavirus pandemic and financial pressures. USPS and all logistics workers should follow suit to organize a common fight against the privatization of USPS and to defend jobs and living standards and guarantee safe working conditions for all logistic workers. July 29, 2020 at 4:36 p.m. UTC The Treasury Department agreed to loan the U.S. The House Democrats' proposal would have granted the Postal Service $25 billion and forgiven $11 billion in debt. It was 44% of the 2020 federal discretionary budget. Although effective March 29, 2020, the Postal Service will incorporate these revisions into the next editions of the ELM and Handbook F-101, which are available on the Postal Service That means all pension obligations including those from when the person was in the military and not a postal worker. The memes resurfaced in April 2020 as a bill in the House of Representatives proposed to forgive the agencys debt as part of a stimulus package aimed at mitigating the economic fallout associated with the COVID-19 pandemic.. Find information on our most convenient and affordable shipping and mailing services. By 2019, it was 496,934, a reduction of over 300,000 full-time employees. Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things arent looking so good as it heads into 2020.USPS has a whopping $120 billion in pension and other post-employment unfunded liabilities.Thats an amount equal to the GDP of Ukraine. Postal Facts 2020 provides the public with information about the Postal Service. Except, when you look at the history and basic business math, its hard to argue with. Postal Service 'Unsustainable,' Says GAO. The initial step in our pivot is targeted on transportation and the soaring costs we incur, due to late trips and extra trips, which costs the organization somewhere around $200 million in added expenses. The U.S. Publications & References Check out our various publications and manuals to learn more about what the Postal Service can do for you. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. This year, major Trump donor and former Wall Street executive, Louis De Joy was installed as the new Postmaster General, and has continued this decades-long sabotage by announcing the end of overtime and delays in shipping. The United States Postal Service (USPS), the nations national mail carrier service, is under increased scrutiny from politicians who are warning that the agency is not prepared to handle the tens of millions of mail-in ballots which are expected to be sent for the November election. New Debt Collection Notice Policy Effective March 29, 2020, the Postal Service will revise the following books to reflect changes in the method for notifying employees who have an employee receivable: n Employee and Labor Relations Manual (ELM), parts 450 and 460. n Handbook F-101, Field Accounting Procedures, Chapter 15. Postal Service reported total revenue of $19.4 billion for the first quarter of fiscal 2020 (October 1, 2019 - December 31, 2019), a decrease of $363 million, or 1.8 percent, compared to the same quarter last year. Opinions expressed by Forbes Contributors are their own. Postal Service (USPS) ran a deficit of $3.9 billion. Autoworkers in the US have taken the first step in fighting back against austerity and unsafe working conditions during the pandemic through the formation of rank and file committees, independent of the corporatist unions. (Photo by Spencer Platt/Getty Images). It was a way to offload big expenses from federal responsibility to the new agency. Posted: Mar 24, 2020 10:14 AM. It couldnt move beyond letter and package delivery, although at one point there was a postal banking system that helped low-income and rural people. The Postal Service, meanwhile, continues to gather debt. Among this group, USPS workers are especially powerful, as without their labor great portions of the economy would shut down. "It needs debt forgiveness, not debt extension. USPS Unfunded Liabilities and Debt as a Percentage of USPS Revenue, Fiscal Years 2007 through 2018. Why the USPS is deep in debt 22 July 2020 Management at the United States Postal Service (USPS) has taken a big step toward privatization with the July 10 release of According to Rubio: Funds are instead being diverted [by Congress] to help pay down the national debt. The federal government takes the pre-funding and then spends it elsewhere, because it can always cover pension obligations down the line. Meanwhile, the Teamsters, the United Food and Commercial Workers (UFCW) and other unions have attempted to strangle opposition by non-union workers at FedEx and Amazon by trying to convince them to join and pay dues to these pro-company unions. Postal Service (USPS) ran a deficit of $3.9 billion. My credits include Fortune, the Wall Street Journal, the New York Times Magazine, Zenger News, NBC News, CBS Moneywatch, Technology Review, The Fiscal Times, and Inc. Get. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. While the Postal Service decays, it is also under increased pressure from its competitors, namely Amazon and United Parcel Service (UPS), which have recorded record revenue and are under the process of expanding their logistics networks after increases in shipments have left them with surplus revenue. The move to cut workers overtime is part of the US capitalist classs decades-long drive to dismantle USPS, a public entity that occupies a valuable portion of the logistics industry. International Committee of the Fourth International. Further, USPS has missed $48.2 billion in required payments for postal retiree health and pension benefits as of September 30, 2018. House passes legislation to ease USPS debt burden Feb 7, 2020, 10 AM The House of Representatives passed the legislation Feb. 5 with bipartisan support. The only silver lining is that the loss was below the red-ink tsunami of $15.9 billion in 2012. The U.S. Privatization of the postal service has been achieved in Germany, the UK and Japan with disastrous results for the workers and a shower of profits for the capitalist class. When you were, say, 25, would you expect in ten years to have put aside full retirement savings for yourself and your children and maybe even grandchildren? Postal Facts 2020 provides the public with information about the Postal Service. Its no surprise, then, that Congress has started looking for ways to remedy this. The Postal Service has racked up $160.9 billion in debt from whats owed prepaying retiree benefits. Additionally, with 2020 being an election year, many people rely on the USPS for mail-in voting. Postal Service reported total revenue of $19.4 billion for the first quarter of fiscal 2020 (October 1, 2019 - December 31, 2019), a decrease of $363 million, or 1.8 percent, compared to the same quarter last year. Link Copied. The Senate is gone, which means anything the House passes will sit doing nothing, and Donald Trump has turned the screws on a potential deal in part, as hes admitted, over USPS funding and his claims of widespread fraud with mail-in voting. 2 Compounding the Postal Services debt problems has been a lack of revenue growth. on August 05, 2020 in New York City. If you were lucky enough these days to have a real pension and moved from Company A to Company B, the pension benefits at B wouldnt be a continuation of those at A. But in negotiating the terms, the Treasury Department attached some significant strings, including the following: Subject to confidentiality protections, USPS shall provide to Treasury copies of USPSs top []

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