The Postal Service reported out its Fiscal Year 2021 financial and operational results at the public meeting of the Board of Governors on November 10, 2021. Despite an increase of revenue of $3.9 billion, the Postal Service posted a net loss of $4.9 billion for 2021.
While the losses continue to create headlines, two things have been made abundantly clear from the latest results. First is that the public continues to rely on the universal network of the Postal Service to meet their needs to conduct business, send correspondence, vote and shop. The pandemic has underscored the vital role of postal workers in our communities and we continue to step up for the public.
Second is the urgent need for Congress and the Biden Administration to address longstanding issues effecting the Postal Service’s balance sheet. Passing the bi-partisan supported Postal Service Reform Act (as currently written), combined with Administrative action correcting faulty pension accounting, would eliminate nearly all of the Postal Service’s losses. Together, these would alleviate the tremendous pressure placed on service, on postal workers and on the public and move the Postal Service closer to financial health.
Postal workers continue to take great pride in the essential service we provide to the public each and every day. We’ve done our part to secure the Postal Service’s central role in the life of the country. Now, lawmakers and the Administration must act to ensure the long-term viability of our great national treasure.