usps profit history

It is one of the few government agencies explicitly authorized by the United States Constitution. Since then, it has lost $77.8 billion. Around a quarter (23%) of Postal Service workers are black, 11% are Hispanic and 7% are Asian. In 2006, Congress passed a law that imposed extraordinary costs on the U.S. Research Institute. Postal Service after the latest Pew Research Center survey once again placed it at the top of the list of government agencies that Americans view favorably. The USPS quarterly operating profit of $1.3 billion, he added, “builds on back-to-back years of operating profits each exceeding $1 billion, without a dime of taxpayer money.” "Although the Postal Service has not yet received an explicit taxpayer bailout, it has failed to meet its legal obligations for several years in a row," the report states. Nonprofit postage is lower than regular prices, but not everyone can qualify. Volume in that category has doubled over the past decade, to nearly 6.2 billion pieces last year. If anything, Neal Denton, former executive director of the Alliance of Nonprofit Mailers, said the change actually might have made the USPS “an easy target” for money raiders. Last year, it delivered 142.6 billion pieces, a 31.4% decline. 5To address its ongoing financial problems, the Postal Service’s management has urged Congress and the Postal Regulatory Commission to authorize major changes in the way it does business – so far to no avail. Each morning and weekday evening, we'll email you an exclusive summary of the news and exclusive, original reporting from the Washington Free Beacon. If you are wondering whether this is news you’re already heard, it is. "USPS is in desperate need of reform," said Curtis Kalin, a spokesman for the watchdog group Citizens Against Government Waste. In 1982, U.S. postage stamps became "postal products," rather than a form of taxation. The following information will help you determine if your business or organization is eligible for nonprofit postage privileges. The U.S. Postal service has been absolutely central to the history and development of the United States, and the USPS continues to provide fast and efficient service despite being beset by … 1. The total number of Postal Service facilities has fallen 9.3% over the past two decades, from more than 38,000 nationwide in 1999 to around 34,600 as of Sept. 30. The United States Postal Service has lost $51.7 billion between 2007 and 2014 and has not earned a profit since 2006, according to a report from the Tax Foundation. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. In the meantime, the agency has tried to save money in other ways, such as by shrinking and reshaping its workforce. But the Postal Service, already in a deep financial hole, now finds itself caught in a political firestorm. In Hawaii, slightly fewer than half (45%) of Postal Service employees are of Asian origin, and 25% are of two or more races. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. Postal Service reported operating revenue of $71.1 billion for fiscal year 2019 (October 1, 2018 - September 30, 2019), an increase of $514 million compared to the prior year. The US Postal Service’s financial woes are, by now, well-documented: In November 2017, the Postal Service made a net loss of $2.7 billion. "While the Service does have greater operational discretion than many federal agencies, it has much less than a typical private-sector business because Congress often micromanages its actions," the report says. Mail carrier Marissa Ogletree delivers mail in the historic Pullman neighborhood in Chicago November 20, 2014. To analyze the Postal Service’s operations, finances and workforce demographics, we drew from a range of sources. In fiscal 2019, shipping and packaging accounted for just 4.3% of total mail volume but 32% of revenue. economic issues that expose government waste, fraud, and abuse. 2020 Election The Courts Insufficient cost savings: The savings from USPS cost … The United States Postal Service reported Feb. 9 “controllable income” of $522 million for the first quarter of fiscal year 2017, which ended Dec. 31. 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The past fiscal year yielded a $1.2 billion operating profit for the U.S. As a result, reductions in payments for the Postal Service’s retiree obligations have a negative effect on the federal deficit because of the scoring process. The facts in this publication may be reproduced for the purpose of stating the fact itself, and in a business, informational, academic context and the like, and in the body of text discussing factual subject matter relevant to the fact being presented. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. WASHINGTON - The U.S. How has the Postal Service, which turns 50 next year, wound up in such a predicament? Find out with our income calculator, $10 billion congressionally approved emergency loan. Congressional Democrats want to pass … The U.S. Postal Facts 2020 provides the public with information about the Postal Service. For more information about United States Postal Service financial … The United States Postal Service has lost $51.7 billion between 2007 and 2014 and has not earned a profit since 2006, according to a report from the Tax Foundation. The postal service is a not-for-profit, self-supporting agency that covers its expenses through postage (stamp use in the United States started in … Veterans account for just 5.8% of all employed Americans, according to data for 2019. The USPS quarterly operating profit of $1.3 billion, he added, “builds on back-to-back years of operating profits each exceeding $1 billion, without a dime of taxpayer money.” where her work appeared on outlets such as Drudge Report and Fox News. The postal rate varied according to "distance zone", the distance a letter was to be carried from the post office where it entered the mail to its final destination. Demographic data was drawn from the U.S. Census Bureau’s 2018 American Community Survey. 7 In 18 states and the District of Columbia, women make up half or more of Postal Service employees. Numbers, Facts and Trends Shaping Your World. That is, it is supposed to break even, not make a profit. The two funds that hold the Postal Service’s contributions for future retiree benefits are on budget. To complete the subscription process, please click the link in the email we just sent you. "If the agency truly is to act as a business, it must do what failing businesses are routinely forced to do: right size its workforce and return to the basic services where it had peviously operated effectively. Mail carrier Marissa Ogletree delivers mail in the historic Pullman neighborhood in Chicago November 20, 2014. Postal workers are more racially and ethnically diverse than the U.S. labor force as a whole, according to Census Bureau data from 2018, the most recent year available. This metric measures the overall efficiency of a company in being able to turn revenue into profit. In FY 2019, the USPS saw a decline of 2.6 percent in total volume of mail and package deliveries. The United States Postal Service (USPS; also known as the Post Office, U.S. Mail, or Postal Service) is an independent agency of the executive branch of the United States federal government responsible for providing postal service in the United States, including its insular areas and associated states. The Postal Service’s 2018 Fiscal Year financial report shows the Postal Service’s underlying business strength while also indicating the need to address external matters beyond USPS control. The Postal Service reported a loss of $2.7 billion for the fiscal year that ended Sept. 30. While Gallup found in 2014 that 72 percent of their respondents said USPS is doing a good job and only 8 percent regard its performance as poor, the report finds that there have been issues with service. Organizations wishing to mail at nonprofit USPS Marketing Mail prices first must be authorized by the Postal Service as eligible. The Postal Service provides a vital public service that is a part of the nation's critical infrastructure. The Postal Accountability and Enhancement Act (PAEA) required the USPS to create a $72 billion fund to pay for the cost of its post-retirement health care costs, 75 years into the future. Prior The drop-off has been especially steep in first-class mail – a highly profitable product line that saw a 33.6% drop in the number of pieces of mail sent over the past decade – and in periodicals, down 41.3% over the same period. To illustrate the point more visibly, the history of the number of postal employees over time shows that the workforce peaked in 1999 with 797,795 … An analyst looking at profit margin might look for a higher profit margin relative to other comparable companies as well as a profit margin that is growing. 1615 L St. NW, Suite 800Washington, DC 20036USA In colonial times, mail was simply delivered by friends, merchants and Native Americans. USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. In D.C., 74% of Postal Service workers are women, and women account for around six-in-ten postal workers in Idaho, Alabama and South Dakota. He has blocked a $10 billion congressionally approved emergency loan to the cash-strapped agency; threatened to veto any future emergency funds unless the Postal Service quadruples its package shipping prices; and named one of his major donors as the new postmaster general. The Postal Service is an inadvertent victim of this strategy. 1 When Congress created the Postal Service to replace the old Post Office Department, it mandated that the new agency support itself through its own revenues, rather than relying on federal appropriations. Plus, you can schedule a USPS ® pickup from your home or office. "There is no turnaround in sight," states the report. The Postal Service has been identifying ways to cope with the decline of traditional mail over the years, only to have companies — and ultimately Congress — object. The United States Postal Service reported Feb. 9 “controllable income” of $522 million for the first quarter of fiscal year 2017, which ended Dec. 31. Congressional Democrats want to pass … By contrast, marketing mail made up 53% of volume but generated just 23% of overall revenue. USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. In 1982, U.S. postage stamps became "postal products," rather than a form of taxation. We crunched the numbers to find out. Started as a club-within-a-club in the early 1900s, USPS today is a private, self-supporting, non-profit, fraternal boating organization with an incomparable record of achievement. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue. Send Mail & Packages Convenient Domestic Shipping. It is a subsidiary of The Pew Charitable Trusts. Operating and financial data were compiled from the Postal Service’s annual reports to Congress and the Postal Regulatory Commission; additional background was obtained from news reports and reports from the Congressional Research Service. "The odds that a bailout will eventually become unavoidable increase as the sea of red ink continues rising.". Use Click-N-Ship ® service to pay for postage and print a shipping label from your printer or at a Post Office ™ location. But Postal Service revenue has mostly fallen or stagnated since 2008, when it hit a record $74.9 billion. Since then, it has lost $77.8 billion. By the end of the decade, the semi-independent government agency's losses had reached a record $8.5 billion, forcing the Postal Service to consider seeking an increase in its $15 billion debt ceiling or face insolvency. 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Through retirement incentives and attrition, the Postal Service has whittled its workforce down to 633,108 employees as of the end of fiscal 2019, 30% below its peak year of 1999. We decided to take a look at the U.S. The New York Times reports. But this was not how the Postal Service was supposed to work. Want to save time and ship from home? Excluding losses so far this year, the USPS last had a surplus in 2006. address is [email protected]. Alana Goodman and Collin Anderson January 6, 2021 1:00 AM. In 2000, the agency delivered 207.9 billion pieces of mail, including everything from postcards to packages. Financial history summary. The Government Accountability Office (GAO) estimates that the Postal Service’s unfunded liabilities grew 62 percent from 2007 to 2013. The two funds that hold the Postal Service’s contributions for future retiree benefits are on budget. 2Compounding the Postal Service’s debt problems has been a lack of revenue growth. Excluding losses so far this year, the USPS last had a surplus in 2006. Because colonists needed to send mail back to England, the first official postal service was established in 1639 when the General Court of Massachusetts designated Richard Fairbanks' tavern in Boston as the official mail drop for overseas parcels [source: USPS]. In addition, the report finds that USPS has failed to make legally required payments to the U.S. Treasury and will default on its statutory obligations, which include the Postal Service Retiree Health Benefit Fund. This entry was posted in Issues and tagged Government Spending. This burden applies to no other federal agency or private corporation. The New York Times reports. The report says that if the enterprise had more operational flexibility, its losses would not be as large. 6Efforts to shrink the Postal Service payroll would likely affect racial and ethnic minorities, women and veterans more than others. Postal Facts 2020 provides the public with information about the Postal Service. About six-in-ten of the agency’s employees – including mail carriers, postal clerks, and mail sorters and processors – are non-Hispanic white (57%), compared with 78% of the overall U.S. workforce. P.L.111-68 had a net impact of a $4.0 billion reduction of expenses in 2009. 3One key reason the Postal Service’s revenue hasn’t kept pace with expenses is that it’s delivering a lot less mail than it used to. The USPS has been running deficits for years. 8The Postal Service, as of 2018, employs more than 100,000 military veterans, who make up 16% of its workers nationally. However, living up to its government-sponsored reputation, the opposite desire is taking hold at the agency.". The Tax Foundation says it is doubtful that the Postal Service will be able to meet its obligations. However, the last year the Postal Service recorded any profit was 2006, and its cumulative losses since then totaled $83.1 billion as of March 31. The postal service is a not-for-profit, self-supporting agency that covers its expenses through postage (stamp use in the United States started in 1847) and related products. In 38 states, 50% or more of Postal Service employees are white, but racial and ethnic differences do exist. For this analysis, racial groups include those who report being only one race and are non-Hispanic. That is, it is supposed to break even, not make a profit. Since then, the bulk of the cost of operating the postal system has been paid for by customers through the … However, the last year the Postal Service recorded any profit was 2006, and its cumulative losses since then totaled $83.1 billion as of March 31. The 1993 law would have required taxpayers to provide the USPS a total of $1.2 billion over 42 years. 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