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IPFS News Link • United States Postal Service

Time to Sunset "Delivering for America"?

• The New American

In the spirit of becoming self-sufficient, the U.S. Postal Service (USPS) instituted in 2021 their Vision and Ten-year Plan to Achieve Financial Sustainability and Service Excellence. With this plan came higher postal rates across the board and a near-doubling of service fees such as P.O. Box rentals. All of this to stem the USPS debt. USPS suffered a net loss of $4.9 billion in 2021, down from 2020's $9.2 billion loss.

USPS Chief Financial Officer Joseph Corbett optimistically stated, "The plan delivers the framework for us to better innovate to grow revenue, work more efficiently and achieve financial sustainability to fulfil our universal service mission. If the plan is implemented in its totality, we expect to achieve break-even operating performance over the ten-year period and positive net income by FY 2023 or FY 2024, reversing $160 billion in projected losses over the next decade."

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