USPS Faces Financial Turmoil with $9 Billion Loss, Calls for Reforms

The U.S. Postal Service reported a $9 billion loss this year, marginally down from the $9.5 billion loss the previous year. Postmaster General David Steiner emphasized the need for administrative and legislative reforms to resolve systemic revenue and cost imbalances, seeking new revenue opportunities and public policy changes.

The U.S. Postal Service has reported a staggering $9 billion loss for the fiscal year, a slight improvement from the $9.5 billion deficit recorded the previous year. The agency's financial woes have been a chronic issue, with accumulated losses exceeding $100 billion since 2007.

Newly appointed Postmaster General David Steiner is calling for both administrative and legislative reforms to address the persistent revenue and cost imbalance. According to Steiner, the current business model is unsustainable and necessitates exploration of new revenue streams in addition to public policy changes.

Despite significant restructuring efforts over the years, USPS remains in financial distress. Steiner stresses the urgency of implementing substantial reforms to ensure the postal service's longevity and financial health in the face of mounting challenges.

(With inputs from agencies.)