WASHINGTON, Nov 14 (Reuters) – The U.S. Postal Service said on Friday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, down slightly from the prior fiscal year results.
New Postmaster General David Steiner said USPS must be more efficient and that it still has a “significant systemic annual revenue and cost imbalance.” He added: “To correct our financial imbalances, we must explore new revenue opportunities and public policy changes to improve our business model.”
USPS, which lost $9.5 billion in the prior year, has lost more than $100 billion since 2007 despite significant restructuring and legislative reforms. The U.S. Congress in 2022 provided the Postal Service with about $50 billion in financial relief over a decade.
USPS is seeking reforms, including changes to retiree pension benefit funding rules, diversification of pension assets, raising the statutory debt ceiling, and workers’ compensation administration reform.
Where to begin? Let’s start with a still top heavy management structure, despite Dejoy’s attempts to pare it down. There are only limited “big swings” left that can save a substantial amount of money, but the one that makes the most sense is to eliminate Saturday delivery, except for parcels. The unions will fight against it and the question is whether Steiner has the moxie to propose it. The underlying problem is that the USPS is the most dysfunctional and mismanaged organizations in the federal government. This will never change.
do you work for the post office and if so, how long? You do know we are not a business. In fact we are not allowed to make a profit. we are supposed to break even…and yes, top heavy management and managers who willfully and purposely violate the contract cause a huge loss of revenue year after year. Our contract is not that complex…it’s not difficult to follow the rules and avoid billions in grievance payments. But we have managers who go out of their way to violate the contract just to spite the employees. as far as Saturday delivery, I get it…you don’t need it…but there are millions of Americans who live in small towns and rural America who do. a lot of people in the cities do as well…again we are a SERVICE, not a business. You can’t think of the USPS the same way. The Constitution guarantees universal service to every American citizen. That’s why we can’t cut out Saturday delivery.
The Post Office needs to eliminate Saturday delivery and scale back on overpaid EAS employees. Cut pensions and benefits to overpaid managers. Managers can save for their on retirement with TSP contributions.