The US Postal Service said yesterday it was seeking new administrative and legislative reforms as it reported a $9 billion yearly loss, slightly wider than the loss in the prior fiscal year.
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 $9.5bn in the prior year, has lost more than $100bn since 2007 despite significant restructuring and legislative reforms.
The US Congress in 2022 provided the Postal Service with about $50bn 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.
In February, Republican President Donald Trump called USPS a ‘tremendous loser for this country’, and said he was considering merging the Postal Service with the US Commerce Department, a move Democrats said would violate federal law. Under White House pressure, the previous USPS chief, Louis DeJoy, resigned in March. He was one of many officials forced out under Trump.
DeJoy led efforts to drastically restructure the money-losing USPS for nearly five years, including cutting forecast cumulative losses over a decade to $80bn from $160bn even as mail volumes fell to the lowest level since 1968.
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