Post Office Says It Lost $5 Billion in the Last Year

×
US Postal Service Mail Delivery Ahead Of Second-Quarter Results
Andrew Harrer/Bloomberg via Getty Images
By Sam Hananel

The U.S. Postal Service says it lost $5 billion over the past 12 months.

It's the seventh straight year the agency has reported a net loss.

Postal officials say the loss increases the urgency for Congress to let them end Saturday mail delivery and reduce payments for retiree health benefits.

The Postal Service has struggled for years with declining mail volume and required payments of $5.6 billion annually in health care costs for future retirees. It has defaulted on three of those payments.

Revenue from package delivery continued to grow, rising 8 percent last year. But that's not enough to offset losses in first class mail, which has been the post office's most profitable service.

Increase your money and finance knowledge from home

How to Avoid Financial Scams

Avoid getting duped by financial scams.

View Course »

Economics 101

Intro to economics. But fun.

View Course »

Add a Comment

*0 / 3000 Character Maximum

36 Comments

Filter by:
John Phillips

Technically the government run post office lost $4 Billion. H&R Block claims that American tax payers lost $1 Billion in unclaimed returns last year so the government kept it.

January 29 2014 at 4:06 PM Report abuse rate up rate down Reply
cjtoy7

it wont do any good to stop saturday deliveries because the money will still disappear........ups fedex are contributing dearly to there cause and they still report a negative.........check their books

November 17 2013 at 6:46 PM Report abuse rate up rate down Reply
skinnycat

That's nothing compared to congress who lost $46 BILLION in a few weeks during the shutdown.

November 17 2013 at 10:03 AM Report abuse -1 rate up rate down Reply
betty_brock

The execs on top make way too much money and do nothing.

November 16 2013 at 7:54 PM Report abuse rate up rate down Reply
AL1PA

Typical Post Office crying for more money. The post office raised rates starting in January, damn well knowing that all it does is force people and companys look for alternatives. The post office needs to cut their pay and I mean everyones pay. Decertify the union and get rid od overpaid and undeworked managers. All government jobs need to be privatized and then you will see the job getting done and on time and within pay scales that ought to be in place.

November 16 2013 at 11:28 AM Report abuse +2 rate up rate down Reply
jdykbpl45

Get them out of the flyer delivery business unless they pay full first class rate!

November 16 2013 at 10:37 AM Report abuse +2 rate up rate down Reply
pdbliz

Hire more Hispanic people......They will work 24-7.....come in early...stay late and come lunch time,,all have there lunch..
OH NO...I FORGOT..........UNIONS .!!!!!!!! IT IS TIME TO CUT GOVERMENT EMPLOYES FROM TOP TO BOTTOM,,,
START IN WASHINGTON.!!!!!!!!!!!!

November 16 2013 at 8:40 AM Report abuse rate up rate down Reply
bronzedepot1

Stop Saturday deliveries at least to homes.

November 15 2013 at 7:53 PM Report abuse +2 rate up rate down Reply
sammy32164

Listen to Patricia720205 SHE KNOWS THE TRUTH

November 15 2013 at 2:46 PM Report abuse -3 rate up rate down Reply
1 reply to sammy32164's comment
user349842

5.6 billion payment into health care fund, 5 billion in losses, what's so hard to understand here? The post office was actually in the black 6 hundred million! It doesn't matter how long you worked for the po, or if you like the unions or not! the numbers can't be argued with, unless you're a moron!

November 15 2013 at 7:34 PM Report abuse +3 rate up rate down Reply
3 replies to user349842's comment
sammy32164

mntbikr35...... I've been with the USPS since 1992 . What do you do there that you have enough energy to work three jobs ? Point proven .

November 15 2013 at 2:45 PM Report abuse -2 rate up rate down Reply
2 replies to sammy32164's comment
user349842

Sounds like you're management, so tell me "sammy" what does your bonus look like?

November 15 2013 at 7:26 PM Report abuse +2 rate up rate down Reply
2 replies to user349842's comment
dweeeb.buster

Sounds like you're about as far from management as could be imagined. So tell us what it looks like to be an overpaid pizza delivery boy?

November 15 2013 at 8:23 PM Report abuse +1 rate up rate down
user349842

Well, unlike management, I don't wear knee-pads!

November 15 2013 at 10:40 PM Report abuse +2 rate up rate down
user349842

First you call postal employees lazy, now you say they don't have the energy to work three jobs, you can't have it both ways, typical management slug!

November 15 2013 at 10:47 PM Report abuse +1 rate up rate down Reply