Chart 3. 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. $65.7 B. The Postal Service said it reduced its debt level during 2019 by $2.2 billion, finishing the year with $11 billion in debt outstanding. This sounds like some screwy conspiracy theory. Chart 1. with Canyon Brimhall. The whole result is a USPS that can’t meet its artificial obligations and so is constantly on the look for federal loans to make up the amounts, taken by the federal government for pension funds for people who don’t exist and then spent elsewhere. During the quarter, three-to-five day on-time service dropped from 87.8% in 2019 to 72.1% in 2020. 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. The big example is pre-funding pensions, something that many have heard of at this point. Check out our various publications and manuals to learn more about what the Postal Service can do for you. US National Debt Clock : Real Time U.S. National Debt Clock The Postal Service has a total debt of around $120 billion, according to the Government Accountability Office (GAO). Feb 7, 2020, 10 AM The House of Representatives passed the legislation Feb. 5 with bipartisan support. That is the eighth annual loss in a row and the third-highest ever. If banks couldn’t be bothered with them, postal banking, with branches everywhere, was available. Should You Save For College If President Biden Makes It Free? What is certain, however, is that absent a fundamental refashioning of the Postal Service, U.S. taxpayers will have to bail the agency out one day. For the convenience of timekeepers, each biweekly pay period appears as two separate weeks, with the beginning and ending dates indicated for each week. Congress turned the Post Office Department into the U.S. Postal Facts 2020 provides the public with information about the Postal Service. Controllable loss for the year was $3.4 billion, an increase of $1.5 billion compared to the prior year. Even this was minor, though, in comparison to the treatment by elected officials who saddled the agency with “debt and financial disadvantage,” according to an email exchange I had with Philip F. Rubio, a former USPS letter carrier and now a professor of history at North Carolina A&T State University. Postal Service (USPS) reported operating revenue of $71.1 billion for fiscal year 2019 (Oct. 1, 2018 - Sept. 30, 2019), an increase of $514 million compared to the prior year. You may opt-out by. USPS: 2019 Pay Dates and Leave Year. “The USPS is not in debt. Chart 4. These funded liabilities represent several different items, including unfunded liabilities for pension benefits, health benefits, and outstanding debt. USPS cut 4.3 million work hours in the last three quarters of fiscal 2019 through attrition and a reduction in overtime. The USPS, as of 2019, has 469,934 career employees and 136,174 non-career employees. All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. Postal Service, to run as a self-supporting business. Here are some highlights: • Revenue. 2019 COMPANION. on August 05, 2020 in New York City. $2,000 Stimulus Checks Bad News For Student Loan Forgiveness. There is little evidence that the Postal Service can turn its finances around on its own. It’s only that low if you include Social Security and Medicare, which are mandatory. Mail volume is now at a 29-year low, and … Total mail and package volume declined by 3.8 billion pieces or 2.6%. Running an enterprise of this scale necessitates borrowing money to invest in new equipment and technologies. 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. The agency added $7.3 billion in debt in fiscal 2019 related to the retiree … This reduction allows the Postal Service to continue to reduce interest costs. A major strike by postal workers in 1970 over wages and benefits, even though the law didn’t allow this, started a series of monetary dominoes. Welcome to USPS.com. 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