U.S. Postal Service reports $2 Billion loss

USPS reported a loss in the last 21 out of 23 quarters.

mail trucks

SPRINGFIELD, Mass. (WWLP)– Mailing a letter is not as common as it used to be, and while millions are also opting to drop the snail mail to do things like pay bills online, the United States Postal service continues to struggle.

“Online is the thing nowadays because it is all about convenience. That’s the new trend and it helps save you time,” Kwabena Ahenkang of Springfield said. “Gone are the days when you have to go look for stamps, you know, and mail it. I don’t think a lot of people do that anymore.”

Now, the USPS is reporting a more than $2 billion loss, which means they reported a loss in the last 21 out of 23 quarters.

In the latest news release from the U.S.P.S., the agency argues that the only two quarters they didn’t record a loss was when Congress rescheduled their Retiree Health Benefits prefunding payments. They also argue a reform legislation is critical to the future of the postal service.

The agency’s Chief financial officer Joseph Corbett released the following statement:

“To continue to provide world-class service and remain competitive, we must invest up to $10 billion to replace our aging vehicle fleet, purchase additional package sorting equipment, and make necessary upgrades to our infrastructure.”

Corbett also said they will default on their required $5.7 billion retiree health benefit prefunding payment to the U.S. Treasury that is due this September.

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