The Postal Service’s financial losses are deepening, and more than double what the agency expected so far this fiscal year.
But Postmaster General Louis DeJoy said USPS isn’t the same organization he started leading nearly three years ago, which was on the verge of running out of cash.
DeJoy said USPS, when he took office in 2020, was on track to lose $20 billion that year and was going to run out of cash in 50 days.
“It was obvious that the Postal Service faced a clear and present danger, that its existence as a viable agency was nearly over,” DeJoy said. “This was at a time in history when it was needed most, in the beginning of a pandemic. Yet there were no meaningful solutions offered either inside or outside the organization.”