Todisco said the Postal Service has been losing money for a decade, which is not a sustainable business model. Democrats want to ask him about changes to the Postal Service they say could disenfranchise people planning to vote by mail in the November election. Defenders of the changes said they were necessary to help the USPS get out of financial debt. And, serious debt. Now more than ever, your commitment makes a difference. The sharp reduction in mail delivery caused by the pandemic initially threatened to plunge the agency into even more dire straits, with the Postal Service reporting $2.2 billion in net losses in 2020’s third quarter. This is false; the USPS had a net loss of $8.8 billion in 2019, and its total liabilities exceed $97 billion, according to official disclosures. Effective March 29, 2020, the Postal Service™ will revise the following books to reflect changes in the method for notifying employees who have an employee receivable: n Employee and Labor Relations Manual (ELM), parts 450 and 460. n Handbook F-101, Field Accounting Procedures, Chapter 15. The U.S. presidential election will take place on November 3, and it is not a federal holiday. “So it’s doubled from a little more than one times annual revenue to over double annual revenue,” Todisco said. Article continues below advertisement Here’s why it’s in … The new European data protection law requires us to inform you of the following before you use our website: We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. He said the Postal Service is more than $160 billion in debt… In 2006, Congress passed a law requiring the Postal Service to prepay health benefits for its retirees. While there are many factors that led to the USPS’ current state of debt, there are two primary reasons why that debt has now balloomed. At 4:35 a.m. on December 9, 2006, the 109th Congress adjourned “in a blaze of bickering,” as the Miami Herald headline put it. The Postal Service is supposed to be self-funded — not getting any government money. Mail pieces dropped from 213 billion in 2006 to 155 billion last year, and the number is expected to decline to 130 billion by 2020. The federal government was in debt to the USPS. But while there are problems with the post office’s business model, Congress could shoulder some blame as well. Public debt already is $24 trillion, so the public is not terribly harmed by assuming this additional debt — especially if it helps stave off the collapse of the USPS. EIN: 41-0953924. USPS projected a billion loss in just the controllable part of its business in fiscal 2020, though it is currently working with the Postal Regulatory Commission in hopes of winning the right to "The updated pay scales will take effect pay period 9-20, and the increases will be in workers' paychecks on May 1, 2020. Donate today — in any amount — to become a Marketplace Investor. From staring down bankruptcy to fighting mail delays that could’ve shaken the 2020 national election, the USPS has been against difficult circumstances this year all while the 644,000 postal workers ensure the country’s mail is securely delivered in a timely manner. Over the past decade, the debt and unfunded liabilities like pensions and health care have outpaced the revenue the Postal Service takes in. Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay. 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