Just in Time for the Holidays, More Financial Losses Reported from the U.S. Postal Service
November 13, 2015
U.S. Postal Service Delivers Scary Financial Report on Friday the 13th
Washington – Today, the U.S. Postal Service (USPS) released its financial results detailing a loss of $5.1 billion for the 2015 fiscal year. As a continuation of the Postal Service’s financial meltdown, this year marks its ninth consecutive year-end loss of more than a billion dollars.
In response to the figures released by the USPS and the subsequent analysis from their leadership, Taxpayers Protection Alliance (TPA) President, David Williams, made it clear that more transparent management and accounting is needed to repair the agency.
“These 2015 losses should be a wake up call for Congress and the USPS Board of Governors. A closer look must be taken beyond the incomplete picture that the USPS will want to focus on, and look at the entire troublesome financial situation.”
USPS’s problems have persisted as result of several root causes. The report reveals that the USPS is doing more and taking on more services as it continues to lose more money, even on expenses that they have full control over. Compounding these matters is how the Postal Service is ignoring the long-term fiscal effects of the Retiree Health Benefits (RHB) that it continues to default on year after year.
“Common sense dictates that honest fiscal assessments are needed for all that the Postal Service is doing. Diverting from its core mission towards new speculative ventures such as package and grocery delivery will only accelerate the Postal Service’s downfall, and lead to more losses and taxpayer exposure,” concluded Williams.