USPS Board of Governors Announced a Loss of $1.7 Billion for FYQ3 —Proving that Three Stamp Increases in 12 Months Are Hurting USPS & its Customers
WASHINGTON, D.C. (August 9, 2023) – Keep US Posted—a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs and small businesses—is warning that recent unprecedented postage increases are not only draining American wallets, but that they are clearly not benefitting The U.S. Postal Service. The warning from Keep US Posted comes as USPS delivered a loss of $1.7 billion in its third quarter 2023 financial report.
“Despite record postage rate increases, the U.S. Postal Service is still losing billions more than expected,” said Keep US Posted Executive Director and former Congressman Kevin Yoder (R-Kans.). “With three unprecedented postage hikes in 12 months, USPS has kicked off runaway ‘stampflation, yet as we see from today’s financial results, these stamp hikes are a drain on the entire postal network, not just on consumers. When the USPS received more than $120 billion in relief from Congress just last year, the American public cannot, and should not, continue to shoulder Postmaster General DeJoy’s hike-and-spend model, especially when his strategy is threatening to run the Postal Service into the ground.”