Read & Share: USPS On The Path Towards Financial Catastrophe
The United States Postal Service has been in financial trouble for years. Even with the onslaught of package deliveries during COVID-19, which has helped reduce some of its financial problems, the risk of insolvency has not been eliminated. The USPS recently let Congress know that because of drops in mail revenue and increased costs due to COVID-19, a liquidity crisis could hit it as early as March 2021.
The projections, outlined recently on Inequality.org, are based on two scenarios. Even if the package volume remains 15 percent above pre-pandemic levels, the USPS would lose $7 billion in 2020-2021. This figure rises to $17 billion if the package volume returns to normal. Over the next ten years, losses would amount to $17 billion if demand stays as high as it is now while it would soar to $50 billion if the situation returns to the way it was pre-COVID.
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