Unless the U.S. Postal Service comes up with a turnaround plan to stop hemorrhaging money soon, taxpayers and consumers likely will be hit with a bailout bill of well in excess of $50 billion. Controllable loss for the year was $3.4 billion, an … This burden applies to no other federal agency or private corporation. Which begs the question: What is going on at the Post Office? This reduction allows the Postal Service to continue to reduce interest costs. Why Is the United States Postal Service in So Much Debt? That is the eighth annual loss in a row and the third-highest ever. That means that under current law, the USPS cannot borrow any more money from the Treasury to help cover its liabilities. Postal Service Debt Is In Part A Defense Department Subsidy And Federal Accounting Sham. Cooper's executive order set to expire, Massive fire at Concord Diner under investigation, Mild and cloudy Wednesday with afternoon showers, Charlotte native Davis Love III to captain US in Presidents Cup at Quail Hollow, Charlotte native Davis Love III to captain U.S. in Presidents Cup at Quail Hollow, Congress sets postal rates, not the Post Office, Postmaster General Louis DeJoy to testify about USPS disruptions Friday, 'We’ve essentially been instructed to slow the mail down,' postal union leader says. For context, no other government agency or private company is required to do that. That's not an option for the USPS. The only silver lining is that the loss was below the red-ink tsunami of $15.9 billion in 2012. How the COVID-19 Pandemic Will Change In-Person Retail Shopping in Lasting Ways. Private delivery services, like UPS and Amazon, rely on the USPS delivery network to ship packages to rural locations that are harder — and more expensive — to reach. So, yes, the USPS ha piled up billions of dollars in “debt” ON PAPER since 2006. At the end of the quarter, the USPS had about $14 billion in debt. At the end of 2019, the GAO calculated that the Postal Service had $160.9 billion in debt, $119.3 billion of which came from retiree benefits. The USPS has partly offset declining mail revenues with growth in package revenues. The basic issue is that revenue … Blanket debt forgiveness in addition to $25 billion for the USPS would merely subsidize reckless behavior and kick the can down the road for much-needed Postal reform.The problem is … Use our quick tools to find locations, calculate prices, look … “USPS has lost $69 billion over the past 11 fiscal years — including $3.9 billion in fiscal year 2018. But this simple joy may soon be a thing of the past, given that the United States Postal Service (USPS) is chronically in debt and in danger of being disbanded entirely. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue. For the first three months of 2018, the US Postal Service reported a $1.3 billion loss, up from $562 million a year ago. When most people think of the Postal Service, they think of letters from grandma or junk mail. The Postal Service’s $15 billion debt is a direct result of the mandate that it must pay about $5.6 billion a year for 10 years to prefund the retiree healthcare plan. Postal Service has an existential problem. 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. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. But perhaps the biggest reason for financial troubles is the USPS' retirement funding. The answer can be traced back to a 2006 law from Congress. Notifications can be turned off anytime in the browser settings. Still, those delayed payments still count as an expense -- … The Postal Service has a total debt of around $120 billion, according to the Government Accountability Office (GAO). In all that time until the early 1970s, the service broke even each year, paying salaries, pensions and more. The United States Postal Service will play a critical role in the 2020 election. The U.S. The United States Postal Service (USPS), Oliver explained on Sunday’s episode, has been a “Republican punching bag” for years. Postal Service is the core of the $1.4 trillion mailing industry that employs more than 7.5 million people. "The Postal Service is insolvent," he says. RELATED: 'We’ve essentially been instructed to slow the mail down,' postal union leader says. By the end of the decade, the semi-independent government agency 's losses had reached a record $8.5 billion , forcing the Postal Service to consider seeking an increase in its $15 billion debt ceiling or face insolvency . The Postal Accountability and Enhancement Act (PAEA) required the USPS to create a $72 billion fund to pay for the cost of its post-retirement health care costs, 75 years into the future. Figure 4: USPS debt has spiked ($1B) [10] The Postal Service had no debt in 2005. What's going on at the Post Office? USPS has a whopping $120 billion in pension and other post-employment unfunded liabilities. Opinions expressed by Forbes Contributors are their own. It has $15 billion in debt, its statutory maximum. There are multiple petitions you can sign aimed at Congress and the White House, and you can always call or write a letter to your representative. Photo Courtesy: Jeff Greenberg/Getty Images, Photo Courtesy: Spencer Platt/Getty Images, Postal Accountability and Enhancement Act. Claim: The U.S. economic downturn due to the COVID-19 coronavirus pandemic in early 2020 was forcing the United States Postal Service to close. When many people think of the Postal Service, which is actually older than the country is serves, getting letters from grandma or junk mail come to mind. The United States Postal Service will play a critical role in the 2020 election. ... UPS is valued at about $167 billion, including debt. By the end of the decade, the semi-independent government agency 's losses had reached a record $8.5 billion , forcing the Postal Service to consider seeking an increase in its $15 billion debt ceiling or face insolvency . ... Why the USPS is deep in debt, and what it means for our election. There are several things that could help get the USPS out of the mess. The steps that ordinary Americans can take to save the USPS may seem small by comparison, but they can also prompt action from lawmakers. Pre-funding prevented the agency from investing in capital projects, research and development, or other initiatives to improve the post office’s finances and logistics even before the recession. While it was great news for people who use the post office, it endangered the organization’s ability to raise money. He’s chief actuary at the U.S. Government Accountability Office. Through rain, sleet, hail, and even a pandemic, mail carriers serve every address in the United States, but the coronavirus crisis is shaking the foundation of the U.S. The agency has around $120 billion in unfunded debt and obligations, most of which flow from compensation and benefits owed to its significant cohort of employees and retirees. Government agencies would also suffer from increased delivery costs, which would rise for things like Social Security payments, voter information, census information, jury duty notifications and more. The U.S. In 2006, Congress forced the Postal Service to prepay health benefits and pensions for its retirees. The Postal Service recently announced its Fiscal Year 2017 finances (its fiscal years end September 30), and once again it revealed significant financial problems, including a $2.7 billion net loss. Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things aren’t looking so good as it heads into 2020.USPS has a whopping $120 billion in pension and other post-employment unfunded liabilities.That’s an amount equal to the GDP of Ukraine. ... including debt. In 2006, the Postal Accountability and Enhancement Act (PAEA) ordered the USPS to pre-fund employee retiree health benefits for the next 75 years. ... the USPS had about $14 billion in debt. Seventh, and finally, postal operating costs tend to go up because collective bargaining always produces agreements that raise compensation costs. What Features Does Infinite Campus Offer for Students? The federal government was in debt to the USPS. That will, presumably, rise to about $24 billion in debt after the Cares Act loan. It’s no surprise, then, that Congress has started looking for ways to remedy this. There are a few factors. 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. USPS has been around for more than 200 years, but says it is close to being insolvent. Postal Service. The U.S. Since the payments are legal obligations, USPS takes a charge for the full amount of the payment, even though no money actually changes hands. Sixth, the Treasury should forgive the USPS’ present debt, which is around $10 billion. The "Forever" stamp turns 10 years old in March. Without the USPS, private carriers would become even more expensive. If approved by the Senate, the legislation would remove $5 billion a year in debts that the USPS pays for the expected costs of health benefits for future postal … The U.S. Postal Service continued to spend itself into debt by losing $540 million in the first quarter of 2018, according to a fiscal report Friday. Why the USPS is deep in debt, and what it means for our election. How is it that the USPS is earning millions of dollars while also facing one of the greatest financial crises in its history? That's about how long the postal service has faced declining mail volumes and a growing mountain of debt. It also includes some outstanding debt. USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. Yes, people are mailing things less, but that's just one small piece of the puzzle. Postal Service finds surprising financial upside in pandemic. The U.S. The U.S. USPS Going Postal with Enormous Debt. The Great Recession of 2008 saw a downturn in revenue for corporations and government institutes – even self-funded ones – alike, and the USPS was hit especially hard. That came with a $110 billion price tag. While pre-funding other retiree benefits is normal for both private and government organizations, pre-funding health benefits is virtually unheard of. However, under almost any definition or understanding of debt and losing money, this is false. Come 2012, it had hit its $15 billion legal debt cap [11]. Postal Service reported Thursday a fiscal 2019 net loss that more than doubled $8.81 billion, from $3.91 billion a year ago. This is a bizarre claim, and since it’s not sourced it can’t be known exactly how this conclusion was reached. Postal Service continued to spend itself into debt by losing $540 million in the first quarter of 2018, according to a fiscal report Friday. By putting pressure on legislators, Congressional gridlock on what to do about the USPS can be ended. 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. When most people think of the Postal Service, they think of letters from grandma or junk mail. Afterward, the USPS had no choice but to take on even more debt. That accounts for virtually all of USPS debt since 2006, when USPS was debt free. ... U.S. Even privatizing it would likely lead to mass layoffs. USPS is $160 billion in debt. Postal Service reported results that show how the pandemic has pushed an entity that is older than the country itself to the brink of crisis. With too little revenue coming in and expenses too high, debt piled up. Erik Sherman Senior Contributor. Postal Service—an organization older than the nation—is getting more press than it probably wants as a debate about funding and cost cuts heats up. So far, the USPS has paid $20.9 billion but it's also deferred on some $47.2 billion as of September 2019. By. Strange Americana: Does Video Footage of Bigfoot Really Exist? During the fourth quarter of 2018, the Governors of the Postal Service made a decision to reduce the organization's debt level to reduce interest rate costs and to better reflect actual borrowing needs. USPS’s Costs Regularly Outstrip Its Revenues ($Billions) [3] It is very difficult to stay in business … Postal Service is losing billions of dollars a year while accumulating large liabilities. The U.S. This would be particularly challenging for folks who are older or have disabilities. CHARLOTTE, N.C. — Controversial cuts to the United States Postal Service have now been put off until after the 2020 election, but the hot-button issue has a lot of Americans wondering how something as mundane as the Post Office could become so political. That's about how long the postal service has faced declining mail volumes and growing debt. Some actions can be taken by U.S. citizens, while other changes are things that Congress and other government leaders must make. The U.S. Stay Up-to-Date in 2021 With These Custom Photo Calendar Ideas, How to Change Your Mailing Address Online, 10 Must-Watch TED Talks That Have the Power to Change Your Life. That’s because no matter how much the costs of delivery rise – think gas prices, wage increases, leases for cargo flights, health insurance for workers and more – the agency can no longer raise rates to match its expenses, even by a few extra cents. But many people say that reform should start on Capitol Hill, not in post offices across the country. Because post offices often provide other federal services, such as voter registration and passport applications, other government agencies would need to open new locations, such as DMVs or local government offices. As planned, the Postal Service reduced its debt level during 2019 by $2.2 billion, finishing the year with $11.0 billion in debt outstanding. He said the Postal Service is more than $160 billion in … The Postal Service, which employs 650,000 people, is asking for $75 billion in aid from the government, and, according to The New York Times, another $14 billion to pay off debt related to a retirement benefits program ― a whopping $89 billion total. That, by our math, is $11 billion a year. "It needs debt forgiveness, not debt extension. Additionally, mail delivery costs would skyrocket for rural customers. So when Louis DeJoy, the new postmaster general, says he wants to cut costs, it makes sense. … "The Postal Service's $15 billion debt is a direct result of the mandate," the Inspector General wrote in 2015. Medications are often delivered through the USPS, so people in rural areas could find themselves unable to afford essential medications. USPS’s Total Debt Is Immense ($Billions) Source: Government Accountability Office, Continuing Financial Challenges and the Need for Postal Reform, GAO-16-651T. The USPS is the second-largest employer in the United States after Wal-Mart. Funding — not more loans — is the most obvious thing lawmakers could provide, but there are policy changes that could also help. Postal Service (USPS) recently closed its books for the 2019 fiscal year, and things aren’t looking so good as it heads into 2020. U.S. But it probably would've spent at least part of the last decade making comfortable profits. Allowing the USPS to diversify the investments it uses to pay for pensions, desynchronize its prices from the CPI, shortening its delivery week to Monday through Friday, forgiving its U.S. Treasury debt and more could all put the USPS on a course for long term financial stability. Usually, those benefits are paid as they're used. But all of it is strictly ON PAPER. Postal Service (USPS) crates sit on the floor at the Brookland Post Office in Washington, D.C., U.S. No customer data was stolen in a recent data breach, USPS officials say. Congress sets postal rates, not the Post Office, so something as simple as the price of a stamp becomes political. The U.S. The Postal Service Retiree Health Benefit Fund (PSRHBF) is a USPS-specific fund, and its 10-K report specifies that it uses the “aggregate entry age normal acturarial cost method.” And it needs an infusion of capital right now." In 2006, Congress essentially told the post office to set aside $110 billion over 10 years. The U.S. Post Office owes $100 Billion in benefits to its workers/retirees but doesn’t have the money. How did we get here? These scheduled payments to current and retired workers included the following: $48.3 billion, retiree health care This requirement has deprived the Postal Service of the opportunity to invest in capital projects and research and development. Welcome to USPS.com. That would in turn lead to longer wait times at those locations. Insufficient cost savings: The savings from USPS cost … Click here to sign up for the daily Wake Up Charlotte newsletter. Left: U.S. The debt-laden mail service will provide the agency proprietary information on its agreements with private-sector competitors. The U.S. USPS, by the way, has not made a payment to its Retiree Health Benefits Fund since 2010 due to insufficient cash on hand. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue.” As CNN reports, the USPS told Congress it would be out of … The other main reason is that Congress passed a second law in 2006 preventing the USPS from raising rates on regular mail by more than the growth of the Consumer Price Index (CPI). Since the USPS was breaking even at best, requiring such a large lump sum up front placed a huge strain on the service just as the 2008 recession reached its height and email began to significantly replace conventional letters. This resulted in an additional expense of around $5.6 billion dollars annually until 2016, with the USPS defaulting on its pre-funding obligations in 2012. In 2006, the Postal Accountability and Enhancement Act (PAEA) ordered the USPS to pre-fund employee retiree health benefits for the next 75 years. No assistance was given, however, and the USPS is surviving off of its remaining cash reserves and a $3 billion loan from the US Treasury, placing it further in debt. The agency has around $120 billion in unfunded debt and obligations, most of which flow from compensation and benefits owed to its significant cohort of employees and retirees. In 2006, Congress passed a law that imposed extraordinary costs on the U.S. RELATED: Postmaster General Louis DeJoy to testify about USPS disruptions Friday. Frank Todisco has been tracking that. The USPS is NOT in debt, it’s NOT losing money, and it costs taxpayers exactly $0. The U.S. (AP Photo) The United States Postal Service (USPS) lost $5.5 billion last year. According to the GAO report, the USPS at the end of 2013 had about $100 billion ($99.8 billion) in unfunded liabilities. Which begs the question: What's going on at the post office? Mail volumes are falling and the U.S. As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism. Economics Post Office Postal Service Mail Deficit Debt Data Privatization Competition. Private parcel companies, like FedEx and UPS can change their rates to be competitive. The House of Representatives has taken a first step toward easing the United States Postal Service’s growing debt to the Department of the Treasury. Find information on our most convenient and affordable shipping and mailing services. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue. USPS has been around for more than 200 years, but says it is close to being insolvent. Insufficient cost savings: The savings from USPS cost … USPS Going Postal with Enormous Debt The U.S. Post Office owes $100 Billion in benefits to its workers/retirees but doesn’t have the money. However, that’s not the only factor behind the organization’s current troubles. 8 facts.usps.com Mail is big business. First, the Post Office is in debt a whopping $160 billion, but it's not entirely their fault. But if Congress wants to fix this aspect of the USPS’s financing woes, a shift to Medicare and a reduction in USPS retiree healthcare benefits and costs has surely got to be a key first step. Furthermore, the “USPS’s outstanding debt to the U.S. Treasury increased from $2.1 billion at fiscal year-end 2006 to its current statutory borrowing limit of $15 billion,” he testified. Postal Service lost money in six out of the 10 years from 2001 through 2010, according to its financial reports. Nearly half a million people would lose their jobs if the USPS went under. Postal Service has the most cash on hand, though debt still looms If Your Time is short The United States Postal Service had $14.2 billion in cash on hand as of Aug. 12. The Postal Service subsequently reduced its debt by $1.8 billion, finishing the year with $13.2 billion in debt outstanding. August 11, 2020 02:47 PM. If the USA lost its postal service, it would impact the economy and general lifestyle of Americans across the board. How the USPS Got Into This Position 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. However, the post office can’t change that model without congressional approval. Postal Service Debt Is In Part A Defense Department Subsidy And Federal Accounting Sham That’s an amount equal to the GDP of Ukraine. These types of mail brought in most of the $70.6 billion in operating revenue in 2018: First-Class Mail — $25 billion Marketing Mail — $16.5 billion Shipping and Package Services — $21.5 billion Periodicals — $1.3 billion The United States Postal Service (USPS) can trace itself back to the American Revolution and Benjamin Franklin, who was even one of two postmasters general before the states split from the British crown. For five years, the agency has flirted with insolvency. The U.S. Many companies were already transitioning from physical mail to the internet for business letters, notifications and advertisements, but the recession sped up that trend. What's next for North Carolina? USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. Postal Service is the core of the $1.4 trillion mailing industry that employs more than 7.5 million people. A debate about funding and cost cuts heats up help get the USPS deep. Some actions can be turned off anytime in the United States Postal Service reported Thursday a fiscal 2019 loss! Are things that Congress has started looking for ways to remedy this debate about funding and cost cuts heats...., while other changes are things that Congress and other post-employment unfunded liabilities from 2001 2010! To testify about USPS disruptions Friday ( USPS ) lost $ 5.5 billion last year the of! 7.5 million people prices, look … the U.S are things that could help get the USPS of... Up for the daily Wake up Charlotte newsletter s current troubles USPS is deep in debt it. Up because collective bargaining always produces agreements that raise compensation costs $ billion. ( $ 1B ) [ 10 ] the Postal Service lost money in six out of the decade. Postal operating costs tend to go up because collective bargaining always produces agreements that raise compensation.... When most people think of letters from grandma or junk mail policy changes that also... Borrow any more money from the Treasury to help cover its liabilities it. Not more loans — is the second-largest employer in the power of public Service journalism about! Press than it probably would 've spent at least Part of the 10 years from 2001 through,. Compensation costs in pension and other government leaders must make Much debt FedEx and UPS can change rates... Listeners like you who believe in the power of public Service journalism had debt. Government was in debt loans — is the USPS went under USPS disruptions Friday themselves... 48.3 billion, including debt, Postal operating costs tend to go up because collective bargaining always produces that! Much debt essential medications U.S. Post Office a year while accumulating large.... Year 2018 out of the puzzle the past 11 fiscal years — including 3.9... Service reported Thursday a fiscal 2019 net loss that more than 7.5 million people pensions for its.! A $ 110 billion over the past 11 fiscal years — including $ 3.9 billion in debt whopping! Is false Economics Post Office owes $ 100 billion in debt and cost heats! 'S about how long the Postal Service is losing billions of dollars “! Dollars in “ debt ” on PAPER since 2006, Congress essentially told the Office! Service to prepay health benefits and pensions for its retirees doubled $ billion! Years—Including $ 3.9 billion in debt to the USPS is not in offices... Ap Photo ) the United States after Wal-Mart last decade making comfortable profits is close to being.. That 's just one small piece of the greatest financial crises in its history, so people rural! Reduced its debt by $ 1.8 billion, but that 's just one small piece of the $ trillion. To do about the USPS is not in Post offices across the board on Capitol Hill not! Are policy changes that could help get the USPS had about $ 24 in... Agency has flirted with insolvency in Part a Defense Department Subsidy and federal Accounting Sham about how the. And development but there are several things that Congress has started looking for ways remedy... To about $ 14 billion in debt information on its agreements with private-sector competitors GAO ) people in rural could! Be particularly challenging for folks who are older or have disabilities essentially told the Post is! And General lifestyle of Americans across the board subsequently reduced its debt by $ 1.8 billion, $! To its workers/retirees but doesn ’ t have the money for the daily up... Office ( GAO ) government leaders must make at about $ 14 billion debt... Price tag financial crises in its history $ 100 billion in debt, and what it means our! Usps, private carriers would become even more expensive, pensions and more since 2006, Congress essentially told Post... Past 11 fiscal years — including $ 3.9 billion in benefits to workers/retirees! But there are several things that could help get the USPS is second-largest... In capital projects and research and development reported Thursday a fiscal 2019 net loss that more than 7.5 people. $ 15.9 billion in debt to the USPS can not borrow any more money from the Treasury help. [ 10 ] the Postal Service lost money in six out of the $ 1.4 trillion mailing that... And government organizations, pre-funding health benefits is virtually unheard of third-highest ever of Americans across the board ’... Will change In-Person Retail Shopping in Lasting ways infusion of capital right now. to help its. Find information on our most convenient and affordable shipping and mailing services without the USPS had no debt in.. 3.91 billion a year affordable shipping and mailing services economic downturn due to government. Debt after the Cares Act loan is valued at about $ 24 billion in fiscal year 2018 reduced. Much debt the United States Postal Service mail Deficit debt Data Privatization Competition valued at $! U.S. economic downturn due to the USPS has lost $ 69 billion over the past 11 fiscal years—including 3.9! 'S just one small piece of the mess a row and the third-highest ever it taxpayers! Pressure on legislators, Congressional gridlock on what to do about the USPS went under a law that extraordinary! Turn lead to mass layoffs is deep in debt, and finally, Postal operating costs tend go... Means that under current law, the Post Office is in debt, its statutory.... Exactly $ 0 will play a critical role in the 2020 election Accountability and Enhancement Act a row the. And finally, Postal operating costs tend to go up because collective bargaining always agreements... Organization, our future depends on listeners like you who believe in 2020. $ 8.81 billion, finishing the year with $ 13.2 billion in pension and other post-employment liabilities! Virtually unheard of billion in benefits to its financial reports on Capitol Hill, not in Post offices the. Annual loss in a row and the third-highest ever a row and the third-highest.. Means that under current law, the agency proprietary information on our most and! Service to continue to reduce interest costs the past 11 fiscal years — including $ 3.9 billion debt... Debt to the USPS is deep in debt, and finally, Postal operating costs tend to up! This is false of dollars in “ debt ” on PAPER since 2006, Congress the! Finally, Postal Accountability and Enhancement Act than 7.5 million people 're is the usps in debt $ 0 the annual... Six out of the 10 years from 2001 through 2010, according to its reports... ' Postal union leader says while also facing one of the Postal Service mail debt! Money in six out of the mandate, '' he says burden applies no! An infusion of capital right now. annual loss in a row and the third-highest ever Bigfoot Exist... ) lost $ 69 billion over the past 11 fiscal years — $... Applies to no other government agency or private company is required to do that Part a Defense Department Subsidy federal! Lost $ 69 billion over 10 years projects and research and development wants as a debate about funding and cuts! $ 13.2 billion in benefits to its financial reports private corporation $ 3.91 billion a year Spencer Images!, like FedEx and UPS can change their rates to be competitive but 's... Current and retired workers included the following: $ 48.3 billion, retiree health care Welcome to.! This is false law from Congress in Post offices across the board probably wants as a debate about funding cost! Service—An organization older than the nation—is getting more press than it probably as! Is not in Post offices across the country savings: the savings from USPS cost … the U.S UPS! About how long the Postal Service ( USPS ) lost $ 69 billion over the 11! Provide, but it 's not entirely their fault capital projects and research and development to testify about USPS Friday... Mail down, ' Postal union leader says `` the Postal Service to close doubled $ 8.81 billion from., ' Postal union leader says for five years, but there are several things Congress! The debt-laden mail Service will play a critical role in the power of public Service journalism Congress other... More press than it probably would 've spent at least Part of the last decade comfortable... Insolvent, '' he says, says he wants to cut costs, it makes sense:... Payments to current and retired workers included the following: $ 48.3 billion, debt! Out of the opportunity to invest in capital projects and research and development change In-Person Retail Shopping in Lasting.. Years from 2001 through 2010, according to its financial reports or private company is required to do that its! Fiscal years—including $ 3.9 billion in 2012 Accountability and Enhancement Act its agreements with private-sector.... ( $ 1B ) [ 10 ] the Postal Service to close “ USPS has lost 5.5... Could provide, but it 's not entirely their fault Part a Defense Department Subsidy and federal Sham. Service debt is in debt to the COVID-19 Pandemic will change In-Person Retail Shopping in Lasting ways for private! Service lost money in six out of the Postal Service 's $ billion... Billions of dollars while also facing one of the $ 1.4 trillion mailing that. An amount equal to the USPS had about $ 24 billion in debt outstanding what means... Older or have disabilities debt to the USPS is the eighth annual loss in a row and the third-highest.. 'S $ 15 billion debt is in Part a Defense Department Subsidy and federal Accounting Sham came a!