{"id":2100225,"date":"2023-11-15T19:55:01","date_gmt":"2023-11-16T00:55:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-announces-6-5-billion-loss-for-2023-despite-big-plan-to-break-even\/"},"modified":"2023-11-15T19:58:00","modified_gmt":"2023-11-16T00:58:00","slug":"us-postal-service-announces-6-5-billion-loss-for-2023-despite-big-plan-to-break-even","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-announces-6-5-billion-loss-for-2023-despite-big-plan-to-break-even\/","title":{"rendered":"US Postal Service Announces $6.5 Billion Loss for 2023 Despite Big Plan to Break Even"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-postal-service-announces-6-5-billion-loss-for-2023-despite-big-plan-to-break-even%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2100225&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>US Postal Service Announces $6.5 Billion Loss for 2023 Despite Big Plan\u200c to Break Even<\/h2>\n<p>In a disappointing turn \u2064of events, the U.S. Postal Service \u2063has revealed that it suffered a staggering $6.5 billion loss in the fiscal year that ended on Sept. 30. This news comes despite the\u2064 organization&#8217;s efforts to improve profitability.<\/p>\n<p>The announcement was made\u2064 by the USPS on Tuesday, and according to Reuters, \u200cthere is no indication that the service will be able to break even next year either.<\/p>\n<p>U.S. Postmaster General Louis DeJoy expressed his dissatisfaction with the results, stating that revenue had fallen by 0.4 percent to $78.2 billion. \u2064He also highlighted that the losses were worsened by $2.6 \u200dbillion \u2062in inflation costs\u200b that exceeded projections and couldn&#8217;t be recovered.<\/p>\n<p>Despite ongoing\u200c attempts to turn things around, the USPS has been grappling with financial difficulties for \u2062years. Stamp prices have been raised\u200b multiple \u2062times, and \u2064the service aims to reduce transportation costs by $1 billion in the \u2063coming year.\u200c Additionally,\u2063 a\u200c 10-year restructuring plan is underway, \u2062with the goal of eliminating $160 \u2064billion in projected operating losses.<\/p>\n<p>Initially implemented in 2021, the plan had predicted that the USPS \u2062would start breaking even by 2023. However,\u200c it is evident that this milestone was not achieved.<\/p>\n<p>DeJoy, who \u200bwas \u200dappointed by\u2062 former President Donald \u2064Trump, did mention\u200c that \u2064the \u200b<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/facebook-parent-meta-reduces-lavish-employee-perks\/\" title=\"Facebook Parent \u201cMeta\u201d Reduces Lavish Employee Perks\">belt-tightening measures<\/a> have reduced the projected loss from $160 billion\u2064 to less than $60 billion.<\/p>\n<p>Unfortunately, Americans \u2064are increasingly relying less on the postal \u2063service. \u200bFirst<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-postal-service-announces-6-5-billion-loss-for-2023-despite-big-plan-to-break-even\/\" title=\"US Postal Service Announces .5 Billion Loss for 2023 Despite Big Plan to Break Even\">-class mail volume dropped<\/a> by 6.1 percent in 2023 to 46 billion pieces, marking a 53 percent decline since 2006 \u200dand\u2062 the lowest volume since 1968.<\/p>\n<p>Nevertheless, revenue has risen \u2062to $515 billion\u2063 primarily \u2062due to higher stamp prices.<\/p>\n<p>A significant portion of the loss can be attributed to a 2.6 percent\u2062 increase in \u200dcompensation and benefits expenses\u2063 for the USPS&#8217;s 640,000 employees, amounting to $52.8 billion.<\/p>\n<p>In an attempt to\u200b mitigate the financial strain, the USPS chose not to make the full $5.1 billion in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirement-2023-retirees-need-to-withdraw-first-payment-from-plans-in-six-days\/\" title=\"Retirement 2023: Retirees need to withdraw first payment from plans in six days\">retirement plan payments<\/a> that were due.<\/p>\n<p>Despite these\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawsuit-alec-baldwin-had-no-reason-to-fire-gun-during-scene-being-rehearsed\/\" title=\"Lawsuit: Alec Baldwin Had No Reason to Fire Gun During Scene Being Rehearsed\">cost-cutting measures<\/a>,\u200d operating\u2064 costs still saw a $5.8 billion increase last year, totaling $85.4 billion, a 7.3 percent rise.<\/p>\n<p>In response to the ongoing financial challenges, the\u200b USPS is requesting\u2062 another increase in stamp prices, proposing a hike from 66 cents to \u200b68 cents. Stamp prices have \u200dalready surged by 32 percent over the past four years.<\/p>\n<p>In 2022, President Joe Biden signed legislation providing the USPS with approximately $50 billion in financial relief over the next decade, as reported by Reuters.<\/p>\n<p>While first-class \u200cmail remains the primary delivery volume for the USPS, it generates significantly less\u200d revenue compared to package delivery, according to The Wall Street Journal. Consequently, the USPS has been striving to capture a larger share\u200b of the package-handling business and has improved its on-time delivery to\u200c match competitors like FedEx and UPS.<\/p>\n<p>The Journal reported that \u2064in 2022, 95.1 percent\u200b of USPS packages were delivered on time, surpassing FedEx&#8217;s 92.4 percent and slightly trailing UPS&#8217;s 96.9 percent.<\/p>\n<hr>\n<h3>A Note from Our Founder:<\/h3>\n<blockquote>\n<p><em><b>Every morning, we at The Western Journal wake up and pursue \u2064our mission of giving you the important information you need about what\u2019s happening in \u2063America.<\/b><\/em><\/p>\n<p><em><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><b>We \u200dcan\u2019t do that without your help<\/b><\/a><b>.<\/b><\/em><\/p>\n<p><em>America has been on the receiving\u2064 end of false narratives.\u200b The purpose of these false narratives is to make you feel powerless. The Western Journal empowers you by \u2064breaking these false narratives.<\/em><\/p>\n<p><em>But I wouldn\u2019t be honest with you today if I didn\u2019t \u200blet you know that the future of The Western Journal is in jeopardy <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\">without your help<\/a>.<\/em><\/p>\n<p><em>Silicon Valley and the Big Tech\u2062 tyrants have done everything they can to put \u2064The Western Journal out of business. \u200cOur \u200dfaithful donors and subscribers have kept us going.<\/em><\/p>\n<p><em>If you\u2019ve never chosen to donate, let me be honest: <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\">We need your\u200b help today<\/a>.<\/em><\/p>\n<p><em>Please don\u2019t wait one minute. <a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\">Donate right now<\/a> \u2013 our situation in America is dire. If you would rather <a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\">become a WJ member<\/a> outright, we would welcome that too. Our country hangs by a thread, and The Western Journal stands for truth in this difficult time.<\/em><\/p>\n<p><em><b>Please stand with us by donating today.<\/b><\/em><\/p>\n<p><em><b>Floyd G. Brown<\/b><\/em><br \/>\n<em>Founder of\u200b The Western Journal<\/em><\/p>\n<\/blockquote>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/us-postal-service-announces-6-5-billion-loss-2023-despite-big-plan-break-even\/\">US Postal Service Announces $6.5 Billion Loss\u200d for 2023 Despite Big Plan to Break Even<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The\u200b Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> What role does package delivery play in the USPS&#8217;s revenue generation and how does it compare to its competitors<\/h2>\n<p><span> <strong><em>Please consider supporting us with a donation \u2062today. \u2064Every contribution helps us continue to bring you the news and analysis you rely on. \u2064Thank you for \u200dbeing a loyal reader.<\/em><\/strong><\/p>\n<\/blockquote>\n<hr>\n<p>The U.S. Postal Service (USPS) has announced a disappointing $6.5 billion loss for the fiscal\u200d year that ended in September 2023. This significant setback comes despite the organization&#8217;s efforts to improve its financial performance.<\/p>\n<p>The USPS made this announcement on Tuesday, and according to Reuters, there is no\u2064 indication \u2063that \u2062the service will be able to break even\u200b next year.<\/p>\n<p>Postmaster General Louis DeJoy expressed his dissatisfaction with the \u2063results,\u2062 highlighting a 0.4 percent decline in revenue to $78.2 billion. \u200dFurthermore, the losses were exacerbated by $2.6 billion\u200c in inflation costs that exceeded \u2062projections and could not be recovered.<\/p>\n<p>The USPS has been facing financial difficulties for years, and despite various attempts to turn things around such as\u2062 raising stamp prices and\u200c reducing transportation costs by $1 billion in the coming year, the\u200b organization is still struggling. Additionally, a \u206310-year restructuring plan is underway, aiming to eliminate $160 billion in projected \u200coperating losses.<\/p>\n<p>The initially implemented plan, which predicted the USPS would start breaking even by 2023, clearly\u2062 fell short of its goal.<\/p>\n<p>DeJoy, appointed\u2063 by former President Donald Trump, did\u200d mention that belt-tightening measures have \u2063reduced the projected loss\u200d from $160\u200b billion to \u200dless than $60 billion.<\/p>\n<p>Unfortunately,\u200c Americans are \u200drelying less on the postal\u200c service, with first-class mail volume dropping by 6.1 percent in 2023 to 46 billion \u2063pieces. This marks a 53 percent decline since 2006, resulting in the lowest \u2062volume since 1968.<\/p>\n<p>Nevertheless, revenue has increased to $515 billion primarily due to higher stamp prices.<\/p>\n<p>A significant portion of the loss\u200d can be attributed to a 2.6 percent \u2064increase \u200bin compensation and benefits expenses for the\u200d USPS&#8217;s\u200c 640,000 employees, totaling $52.8 billion.<\/p>\n<p>In \u2062an attempt to mitigate \u2064the financial strain,\u2062 the USPS decided not\u2062 to make the\u200c full $5.1 billion in\u200d retirement plan payments that were due.<\/p>\n<p>Despite these cost-cutting measures, operating costs still saw \u200da $5.8 billion increase last year, totaling $85.4 billion, a 7.3 percent\u2062 rise.<\/p>\n<p>In response to the\u2063 ongoing financial challenges, the USPS is requesting another increase in stamp prices, proposing a hike from 66 cents \u2062to 68 cents. Stamp prices have already surged by 32\u2062 percent over the past four years.<\/p>\n<p>In 2022, President Joe Biden\u200d signed legislation providing the USPS with approximately $50 billion in financial relief over the \u200dnext\u2062 decade, according to Reuters.<\/p>\n<p>While first-class mail remains the primary delivery volume for the \u200dUSPS, it generates significantly less revenue compared to package delivery. The \u200cUSPS has been striving to capture a larger\u2063 share of the package-handling business and has improved its on-time delivery to match competitors like FedEx and UPS.<\/p>\n<p>According to The Wall Street Journal, in 2022, 95.1 percent \u200dof USPS packages were delivered on time, surpassing FedEx&#8217;s 92.4 percent and slightly\u200c trailing UPS&#8217;s 96.9 percent.<\/p>\n<hr>\n<p><em><b>A Note from Our Founder:<\/b><\/em><\/p>\n<blockquote>\n<p><em><b>Every morning, \u200dwe at The Western Journal wake up and pursue our mission of giving you\u2064 the important information you need about\u200d what\u2019s happening in America. We can\u2019t do that without your help.<\/b><\/em><\/p>\n<p><em><a href=\"https:\/\/www.paypal.com\/donate\/?hosted_button_id=BM6XAWRJ8NS7A&#038;utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><b>Please consider supporting us with a donation today. \u200dEvery contribution helps us continue to bring you the news and analysis you rely on. Thank you for being a loyal reader.<\/b><\/a><\/em><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Despite plans to improve profitability, the U.S. Postal Service has revealed that it lost $6.5 billion in the fiscal year that ended on Sept. 30. The USPS made the announcement on Tuesday and said there is no way it will break even next year, either, according to Reuters. U.S. Postmaster General Louis DeJoy said revenue<\/p>\n","protected":false},"author":180,"featured_media":2100226,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2100225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2100225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/180"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2100225"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2100225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2100226"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2100225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2100225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2100225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}