USPS's Financial Forecast Fails as It Loses $6.5 Billion
The U.S. Postal Service reported a loss of $6.5 billion in its last fiscal year, contradicting earlier predictions of breaking even. The agency's 10-year plan, led by Postmaster General Louis DeJoy, aimed to turn a profit through slower delivery standards and postage hikes. However, factors such as inflation and a decrease in mail volume hindered the plan's success. Critics argue that DeJoy's postage rate hikes have contributed to the decline in volume, exacerbating the USPS' financial situation. The agency is planning another postage rate hike in January, marking the fifth increase since 2021.