This article is republished with permission from the Cato Institute. Postal Service (USPS) said on Tuesday it plans to buy 9,250 Ford E-Transit battery electric vehicles starting later this year and will also buy an equal number of. Those reforms would give the USPS the flexibility it needs to cut costs, diversify, and innovate, while creating equal tax and regulatory treatment of businesses across postal and package markets. What’s the solution? I testified to Congress that the USPS should be privatized and postal markets opened to competition. In its routinely critical analyses of USPS finances, the Government Accountability Office included the development of new postal products and product enhancements as one strategy to improve financial viability (GAO 2010). The largest liabilities are unfunded retiree health benefits, worker compensation costs, and debt. This problem disincentives for federal public investment is not limited to the USPS (Sawicky 1994, 2016). USPS assets are falling and liabilities are soaring. Expenses are a few billion a year higher than revenues.Ħ. USPS has been losing money for more than a decade. About four-fifths of the USPS labor force is unionized.ĥ. More than three-quarters of USPS costs are employee compensation, which includes excessive health and pension benefits. Thus we have a vast fleet of trucks driving around the country, burning gas and creating pollution, and the main thing being delivered is junk mail.Ĥ. Marketing mail has become by far the largest type of mail by volume. Postal Service today announced its financial results for the 2021 fiscal year ended September 30, reporting an adjusted loss of 6.9 billion for 2021, compared to an adjusted loss of 7.6 billion for 2020.
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