Nov 14 - U.S. Postal Service reports financial loss for 11th straight year

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 3 months ago '11        #1
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Sin 1376 heat pts1376
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Nov 14 - U.S. Postal Service reports financial loss for 11th straight year
 

 
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WASHINGTON — The beleaguered U.S. Postal Service reported a financial loss Tuesday for the 11th straight year, citing declining mail volume and costs of its pension and health care obligations even as it predicted another strong holiday season of package deliveries.

It pleaded for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker deliveries from online shopping.

Without help, “our financial results will continue to deteriorate and likely at an accelerated rate,” said Postmaster General Megan J. Brennan. “We cannot generate enough revenue or cut enough costs to pay all of our bills.”

The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. That was better than a $5.6 billion loss in the prior year but was mainly due to fluctuations in interest rates that reduced workers’ compensation expenses.

The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue. Mail volume fell by roughly 5 billion pieces, or 3.6%, as people in the digital age rely more on email for online bill payments. Revenue came to $69.6 billion, down from $71.5 billion last year.

The Postal Regulatory Commission will issue a decision in the coming weeks that could give the Postal Service more flexibility to raise prices beyond the rate of inflation, marking the biggest change in its pricing system in nearly a half-century. The commission might limit how high prices could go, but the cost of a first-class stamp could jump. It’s not known by how much.

The price of a first-class stamp, now 49 cents, is slated to increase by one penny in January because of inflation.

The Postal Service, an independent agency, is trying to stay financially afloat as it seeks to invest billions in new delivery trucks to get packages more nimbly to American homes. With the holiday season approaching, Brennan said, the Postal Service added hours to include early morning and evening package deliveries and was expanding service on Sundays. More recently, it began a pilot program this holiday season to provide cheap next-day service with packages delivered Sundays to people’s homes.

“The Postal Service continues to win e-commerce customers, grow our package delivery business and increase market share,” Brennan said, attributing its strength in part to affordable pricing compared to rivals UPS and FedEx. “No other shipper delivers as many e-commerce packages to the home.”

Analysts have cheered the Postal Service’s promise in the digital age. Still, its parcel success hasn’t translated to profits.

To become financially stable, the Postal Service is also urging Congress to provide it relief from the mandate to prefund retiree health benefits.

Legislation in 2006 required the Postal Service to fund 75 years’ worth of retiree health benefits, something that neither the government nor private companies are required to do.

To avert bankruptcy, the post office has defaulted on the multibillion-dollar health prepayments each year since 2012.

“These numbers are beyond troubling,” said Art Sackler, manager of the Coalition for a 21st Century Postal Service, a broad trade group that includes mailers such as Amazon and the National Retail Federation. “There are 7.5 million private sector jobs that depend on the postal system, and these jobs are at risk unless Congress takes action on postal reform.”

visit this link http://www.nydailynews.co .. icle-1.3632292
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66 comments for "Nov 14 - U.S. Postal Service reports financial loss for 11th straight year"

 3 months ago '07        #2
stogz 18 heat pts18
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I am gonna go back and read the article but... one of y'all need to school me on this.


Can pension and people mailing less letters really be what's keep these guys in the red? Everyone is ordering their sh*t from online now... everything is being mailed. Is USPS not the service of choice for that? Every time i order sh*t, it's gets shipped usps.
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 3 months ago '11        #3
Sin 1376 heat pts1376 OP
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 stogz said:
I am gonna go back and read the article but... one of y'all need to school me on this.


Can pension and people mailing less letters really be what's keep these guys in the red? Everyone is ordering their sh*t from online now... everything is being mailed. Is USPS not the service of choice for that? Every time i order sh*t, it's gets shipped usps.
this right here would bankrupt any company with the size of the workforce they have
Legislation in 2006 required the Postal Service to fund 75 years’ worth of retiree health benefits, something that neither the government nor private companies are required to do.
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 3 months ago '07        #4
Ham Rove 3516 heat pts3516
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glad to see the legislation from 06 being mentioned.
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 3 months ago '13        #5
Erma Gerd 288 heat pts288
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 stogz said:
I am gonna go back and read the article but... one of y'all need to school me on this.


Can pension and people mailing less letters really be what's keep these guys in the red? Everyone is ordering their sh*t from online now... everything is being mailed. Is USPS not the service of choice for that? Every time i order sh*t, it's gets shipped usps.
From the article:


The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue

[pic - click to view]




It's e-mail & fax, bro.
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 3 months ago '11        #6
Sin 1376 heat pts1376 OP
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 Erma Gerd said:
From the article:


The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue

[pic - click to view]




It's e-mail & fax, bro.
do you think USPS is impeding free market capitalism from companies like Fedex & UPS?
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 3 months ago '17        #7
REDUCE23 1 heat pts
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Just an observation. Every time I see fed ex or ups they are running trying to get packages. I see the my postal guy just strolling through our neighborhood. I feel as someone who sells online the USPS is inefficient.
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 3 months ago '13        #8
Erma Gerd 288 heat pts288
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 Sin said:
do you think USPS is impeding free market capitalism from companies like Fedex & UPS?
Yes, but I'm of the opinion that govt presence keeps private costs down. So... It evens out for me.
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 3 months ago '15        #9
T Town84 
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Just started working as a cca on the 8th.. Hope they dont start laying cats off!
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 3 months ago '17        #10
six5TheStudio 1 heat pts
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 Erma Gerd said:
From the article:


The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue

[pic - click to view]




It's e-mail & fax, bro.
Pension is their #1 biggest issue

(dont tase me just being real)

if you look at "pensions" economically
***someone works 20-40 years then gets paid to not do sh*t for the rest of their lives.

so back when pensions came out 1920's in the USA....but ramped up during WW2 when life expectancy was 60 (Males) 65(females) and mad people were having babies so populations was expected to offset Pension costs. So people back then worked for 20-40 years and then basically lived another 5 years max



but but buttttt.... now people live to be 75-80 and births have been down in the USA for almost 30 years AND no one wants to be a fu*king post man/woman cause it don't pay sh*t

so year after year more people retiring collecting a pension less people working for the PO, people having terrible experiences with lines, and attitudes and the market movement from writing letters and ish to email/text. Amazon, UPS, FedEx, k!lling it because your sh*t will legit get there in time and you can real time track the sh*t

Im surprised USPS hasn't gone completely out of business, anything the FEDS touch turns to straight hot garbage...... for Example

Baseball post steroids (with the exception of this last year) Who cares that dudes were juiced they didn't beat their wives and games were entertaining plus dude were crushing homers

Health Care (ACA), my parents were an example of who that was going to help and it just made sh*t cost 3-4 times more and them getting dropped yearly

Economy (Bank/automaker bailouts) Banks/automotive companies royally fu*ked the common man "knowingly" and were rewarded with tax free "tax payer dollars" which were allocated to bonuses and options and the last time I've checked.....New cars breakdown more than ever before (regardless if they are dope) look up new 2016-17 GMC Yukon Denali issues sh*t costs 80k and they are fu*king turds......Banks charge you to check your fu*king account balances, withdraw money, transfer money, open accounts, maintain accounts, and they still lose your sh*t

Foreign affairs (WMD's in Iraq) <- this is self explanatory trillion dollar war that has done nothing for us except p!ss people off more who hate us and are crazy enough to come across the blue marble and blow themselves up etc. etc. to prove a point

Education (common core curriculum) 1 + 5 = 7 if you can explain it its not wrong..huh..wtf 1+5=6 Idgaf?????

annnnnnnnnnnd Pensions!

work for a short time and then well pay you for the rest of your life!!

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 3 months ago '15        #11
Black Larry 2 heat pts
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 Sin said:
do you think USPS is impeding free market capitalism from companies like Fedex & UPS?
I worked for fedex and post office. Usps and the other two work together. If fedex or ups can't reach you then the last resort is usps. They have access that the other two dont have.

Plus usps is the little guy in that delivert market. Fedex has planes and the infrastructure that usps doesn't have. Ups is number one then fedex then usps is way behind. The only reason they started hiring again is because Amazon threw them a couple billion dollars to make deliveries even on Sunday so that their prime members can get there packages in two days no matter what.

 REDUCE23 said:
Just an observation. Every time I see fed ex or ups they are running trying to get packages. I see the my postal guy just strolling through our neighborhood. I feel as someone who sells online the USPS is inefficient.
Fedex your on a time limit. I'm sure ups is as well. You gotta deliver a certain amount of packages per hour or it reflects on a "score" everything is numbers over there.

Usps not so much. And the union gives them a lot of leeway. If you need a package by a certain time. You choose the big two. If you don't care and want to save money then usps.
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 3 months ago '15        #12
Black Larry 2 heat pts
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 T Town84 said:
Just started working as a cca on the 8th.. Hope they dont start laying cats off!
Good luck with that. Hope you become regular soon. They definitely not gonna lay anyone off.
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 3 months ago '17        #13
REDUCE23 1 heat pts
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 Black Larry said:


Fedex your on a time limit. I'm sure ups is as well. You gotta deliver a certain amount of packages per hour or it reflects on a "score" everything is numbers over there.

Usps not so much. And the union gives them a lot of leeway. If you need a package by a certain time. You choose the big two. If you don't care and want to save money then usps.
See thats the problem you are trying to compete and you are not the cheapest or most efficient what do you bring to the table?
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 3 months ago '15        #14
Black Larry 2 heat pts
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 REDUCE23 said:
See thats the problem you are trying to compete and you are not the cheapest or most efficient what do you bring to the table?
To be perfectly honest

The only reason they're around is bribes. Just like any other big business you can think of that either has negative effects on society or that's just not profitable like that. Just have the right people representing you in DC and your agenda can be heard. The right lobbyist.

And they have a monopoly on mail but it's obvious it doesn't matter. Once email came it was the beginning of the end. There's even a Seinfeld episode talking about how no one needs the post office. And Seinfeld ended in the 90s
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 3 months ago '06        #15
ameilius 61 heat pts61
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trust me - the postal service isnt going anywhere

they can report loss all they want - it wont shut down

they'll just strongarm fedex and ups and dhl etc to incorporate more of their services
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 3 months ago '16        #16
OWPE 50 heat pts50
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Does the Government ever do anything right/better than non government companies?

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 3 months ago '17        #17
REDUCE23 1 heat pts
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 Black Larry said:
To be perfectly honest

The only reason they're around is bribes. Just like any other big business you can think of that either has negative effects on society or that's just not profitable like that. Just have the right people representing you in DC and your agenda can be heard. The right lobbyist.

And they have a monopoly on mail but it's obvious it doesn't matter. Once email came it was the beginning of the end. There's even a Seinfeld episode talking about how no one needs the post office. And Seinfeld ended in the 90s
Damn I forgot about that episode. But the USPS is trash..
 3 months ago '13        #18
misterethoughts 289 heat pts289
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 Sin said:

[pic - click to view]



WASHINGTON — The beleaguered U.S. Postal Service reported a financial loss Tuesday for the 11th straight year, citing declining mail volume and costs of its pension and health care obligations even as it predicted another strong holiday season of package deliveries.

It pleaded for more freedom to raise stamp prices to help keep pace with consumer demand for ever-quicker deliveries from online shopping.

Without help, “our financial results will continue to deteriorate and likely at an accelerated rate,” said Postmaster General Megan J. Brennan. “We cannot generate enough revenue or cut enough costs to pay all of our bills.”

The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. That was better than a $5.6 billion loss in the prior year but was mainly due to fluctuations in interest rates that reduced workers’ compensation expenses.

The 2017 loss came after a double-digit increase in package delivery was unable to offset drop-offs in letter mail, which makes up more than 70 percent of total postal revenue. Mail volume fell by roughly 5 billion pieces, or 3.6%, as people in the digital age rely more on email for online bill payments. Revenue came to $69.6 billion, down from $71.5 billion last year.

The Postal Regulatory Commission will issue a decision in the coming weeks that could give the Postal Service more flexibility to raise prices beyond the rate of inflation, marking the biggest change in its pricing system in nearly a half-century. The commission might limit how high prices could go, but the cost of a first-class stamp could jump. It’s not known by how much.

The price of a first-class stamp, now 49 cents, is slated to increase by one penny in January because of inflation.

The Postal Service, an independent agency, is trying to stay financially afloat as it seeks to invest billions in new delivery trucks to get packages more nimbly to American homes. With the holiday season approaching, Brennan said, the Postal Service added hours to include early morning and evening package deliveries and was expanding service on Sundays. More recently, it began a pilot program this holiday season to provide cheap next-day service with packages delivered Sundays to people’s homes.

“The Postal Service continues to win e-commerce customers, grow our package delivery business and increase market share,” Brennan said, attributing its strength in part to affordable pricing compared to rivals UPS and FedEx. “No other shipper delivers as many e-commerce packages to the home.”

Analysts have cheered the Postal Service’s promise in the digital age. Still, its parcel success hasn’t translated to profits.

To become financially stable, the Postal Service is also urging Congress to provide it relief from the mandate to prefund retiree health benefits.

Legislation in 2006 required the Postal Service to fund 75 years’ worth of retiree health benefits, something that neither the government nor private companies are required to do.

To avert bankruptcy, the post office has defaulted on the multibillion-dollar health prepayments each year since 2012.

“These numbers are beyond troubling,” said Art Sackler, manager of the Coalition for a 21st Century Postal Service, a broad trade group that includes mailers such as Amazon and the National Retail Federation. “There are 7.5 million private sector jobs that depend on the postal system, and these jobs are at risk unless Congress takes action on postal reform.”

With a push for more technology in consumer’s pockets not sure how much profitability the post office will have in 5 years other than delivering big packages, thus, laying people off. Poor folks.
 3 months ago '11        #19
Sin 1376 heat pts1376 OP
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 misterethoughts said:
With a push for more technology in consumer’s pockets not sure how much profitability the post office will have in 5 years other than delivering big packages, thus, laying people off. Poor folks.
with E Commerce companies like amazon and Jet expanding rapidly they can survive if they make changes

they need to cater more to e commerce companies and their speedy deliveries
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 3 months ago '09        #20
messy marv stan 4603 heat pts4603
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 Sin said:
do you think USPS is impeding free market capitalism from companies like Fedex & UPS?

all congress has to is divert $6 billion a year from the war machine and the post office finacial dilema would be solved. i mean the war machine wont operate any less efficient if the budget was cut by $6 billion
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