Watchdog Slams USPS After $2.1 Billion Net Loss

Washington, D.C. – Today, the Taxpayers Protection Alliance (TPA) slammed the U.S. Postal Service (USPS) after the agency reported a $2.1 billion loss for the first quarter of fiscal year (FY) 2024. These loss figures mark a sharp increase from the same quarter last year when the USPS lost $1 billion. In total, the USPS has lost more than $100 billion over the past fifteen years and expects to lose an additional $60-70 billion by 2030. These dire figures persist despite the agency hiking first-class stamp prices (most recently to 68 cents from 66 cents) and insisting it has a viable turnaround plan.

TPA President David Williams criticized the USPS, noting, “the status-quo just keeps getting worse. Postal leadership keeps insisting that it has a ‘new’ plan to turn things around yet continues to stick taxpayers and consumers with a massive bill. And, this time, the agency can’t even release its numbers on time or have a virtual meeting to discuss the figures without glitches galore. This is a sad testament to an agency that absolutely cannot get its act together. We all pay the price for this gross incompetence through higher taxes and surging stamp prices.”

Williams continued: “there’s more than enough blame to go around for the USPS’ fiscal fumbles. The agency refuses to comprehensively audit its post offices and facilities to ensure that they’re adequately covering their costs and serving taxpayers and consumers. And, in the rare case that the agency does decide to examine facility finances, lawmakers such as Sens. Jeanne Shaheen (D-NH) and Maggie Hassan (D-NH) hold press conferences calling for an end to all audits. These lawmakers are wrong – every USPS facility should be subject to evaluation and review to ensure that the agency keeps costs under control for taxpayers and consumers. The agency is losing too much money for officials to pick and choose which pork goes on the chopping block.”

Williams concluded: “it’s time for the USPS to embrace reform instead of continued excuses and out-of-control spending. The agency can start turning things around by halting costly electric vehicle purchases and ending the cross-subsidization of packages, money orders, and money-losing pilot programs. These changes won’t be easy, but they’re needed to get the USPS delivering again for the American people.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.