The U.S. Postal Service has now accumulated a whopping $98 billion in losses since it went into the red in 2007 and its much-ballyhooed reorganization has failed to reverse the trend as expected, according to a sobering new report from the iconic mail agency’s watchdog.
The Postal Service inspector general reports that the mail service recorded losses of $950 million in 2022 and $6.5 billion in 2023, in the first two years after implementing its decade-long Delivering for America (DFA) reorganization plan.
“The DFA plan was developed during a time of considerable uncertainty, and conditions have evolved,” the inspector general reported. “The DFA plan projected positive net income starting in fiscal year (FY) 2023. Actual results show a net loss of $950 million from operations in FY 2022 and a $6.5 billion net loss in FY 2023.