USPS tops The Harris Poll Essential 100 in COVID-19 response; WASHINGTON - The U.S. What to Know About the USPS Financial Problems and How to Help It. Postal Service today reported its financial results for third quarter of its fiscal year 2020, (April 1, 2020 - June 30, 2020), as the COVID-19 pandemic continues to have an unpredictable impact on the economy and the Postal Service. Fighting back. Masked and answered. Postal unions will tell you the USPS is in financial trouble because Congress forced it to pre-fund its current employees’ future retirement health benefits [9]. “While many of our network costs are fixed to meet our universal service obligations, we continue to aggressively manage operating expenditures under management’s control," said Chief Financial Officer and Executive Vice President Joseph Corbett. 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For five years, the agency has flirted with insolvency, but the service's challenges go far deeper than finances. Biden's package includes $1,400 direct payments, a hike in the child tax credit, an extension of emergency jobless benefits set to expire March 14, billions for vaccine distribution and schools, and a $15 national minimum wage, among other provisions. Home » World News » What to Know About the USPS Financial Problems and How to Help It. New year focus. The USPS’s financial plight, however, is not merely a parcel problem. The United States on Monday approved all transactions involving Yemen's Houthi movement for the next month as Washington reviews a Trump administration designation of the Iran-aligned group as a foreign terrorist organization. 08/15/2020 mediabest World News. This means that so many people in rural areas rely on the USPS for deliveries of all kinds, including medication. Strong start. Share. But in reality, the agency is generating billions in cash. * The Nissan Leaf, another popular EV, is made in Tennessee. George Miller watched as his dog Crosby stared at one of the walls of their home, day in and day out. Ms Polyakova arrived at her house but was not allowed in to witness the search, a clear violation of the Russian law,she told the Dozhd TV channel. "Within 6 days of Biden’s inauguration, Texas has HALTED his illegal deportation freeze." "He sees new technology as a way to grow our industry and our economy," a spokesperson for the United Auto Workers told Axios.Some of that investment is already happening. White House officials detail Biden's plan to tackle climate change, the USPS reported even higher losses at $4.5 billion, businesses have cut back on sending advertisements and bulk mail, President Trump prevented the relief bill from passing, Louis DeJoy, was named Postmaster General, letter collection boxes have been removed without explanation, he's blocking funding to the USPS to stop mail-in-voting, mail carriers like UPS or FedEx can't carry voting ballots, rural areas that can't support a pharmacy, the USPS has not been receiving taxpayer money since 1982, Biden tells Fox News reporter he talked to Putin about ‘You’ when asked about his call with Russian president, Biden did not, in fact, remove Trump's 'Diet Coke button' from the Resolute Desk, White House clarifies, ''I Beg All Canadians To Throw Out This Vegetable", Mike Pence, wife Karen reportedly homeless, couch-surfing in Indiana, Exclusive: Proud Boys leader was ‘prolific’ informer for law enforcement, Biden's plan to replace government fleet with electric vehicles won't be so easy, Chrome Users? Finally, he decided to install a camera... A federal judge in Texas has temporarily blocked the Biden administration's 100-day freeze on deporting unauthorized immigrants.Why it matters: Biden has set an ambitious immigration agenda, but could face pushback from the courts.Get smarter, faster with the news CEOs, entrepreneurs and top politicians read. As Postmaster General Brennan had noted, these efforts have not at all solved the "People can talk to whoever they want to talk to, but this country faces enormous crises," he said. Our beloved oak bros made a mistake that fans does not like. And Biden will presumably know better than to order ice cream treats during a top-secret national security briefing. A history of financial problems Nancy Marshall-Genzer Aug 17, 2020. Ford will make its upcoming e-Transit van in Missouri. Postal Service (USPS) ran a deficit of $3.9 billion. Feb. 16, 2017 at midnight. But the USPS consistently says package delivery is … "Let me try first." In the first quarter of 2020, the USPS reported even higher losses at $4.5 billion and warned that their earnings would continue to fall for at least 18 more months. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year … Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The United States Postal Service has been in financial trouble for some time now, reporting $8.8 billion in losses in 2019, and the COVID-19 pandemic has only added to its woes. Here are five problems plaguing the USPS: 1. Without an affordable and accessible postal service, filling out prescriptions can become an impossible task - and, just a reminder, we're still in the middle of a pandemic. With fears that changes at the USPS are connected to President Trump's false argument that voting by mail leads to fraud - Trump confirmed he's blocking funding to the USPS to stop mail-in-voting when speaking to Fox News on Aug. 13 - and with the USPS already warning some states that it might not be able to deliver ballots on time, calls to save the USPS and protests against its restructuring have widely spread to guarantee that the election proceeds democratically. Unfortunately, losses are the rule rather than the exception for the agency. One problem is the USPS must charge the same price for first-class mail delivery anywhere in the country, no matter how remote. If you don't know where to start, these petitions at Change.org, Action Network, and MoveOn Civic Action are worth a look. * But GM, Ford and Stellantis (the newly merged FiatChrysler and Peugeot) just recently committed to build more EVs at union factories in Canada. It’s true these costs are significant, at more than $5 billion per year. "They cannot telework. This makes the agency especially important for people living in rural communities or in poverty - meaning if the agency was to go bankrupt, these communities would be hit the hardest. * "The issues implicated by that Agreement are of such gravity and constitutional import that they require further development of the record and briefing prior to addressing the merits," Tipton wrote in his Tuesday order. Link home Current stories. Post office’s financial woes partly Congress’ doing . A 19-year-old Tibetan monk has reportedly died after battling two months of alleged mistreatment under Chinese authorities. For many in the U.S. this year, USPS … The United States Postal Service has been in financial trouble for some time now, reporting $8.8 billion in losses in 2019, and the COVID-19 pandemic has only added to its woes. So why should we have a different standard for the postal service?". “The Postal Service reduced work hours by 6.4 million relative to the same quarter last year, helping us to reduce overall … Under this law, the USPS was required to pre-fund 75 years worth of retiree health care benefits in the span of roughly 10 years. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Instead, it funds its operations through the sale of stamps. * General Motors' Chevrolet Bolt is the only U.S.-built EV made by union labor. Because other mail carriers like UPS or FedEx can't carry voting ballots, our democracy could be left potentially compromised. Federal Relay … We will remove this and make the changes needed. Factset: FactSet Research Systems Inc.2018. What to Know About the USPS Financial Problems and How to Help It. "The product is still a few years away." Chart 1. Ending the legislative filibuster is off the table for now, and using the reconciliation process comes with limitations. Warning signs. For the record. * Under the American Automobile Labeling Act, passed in 1992, every car requires a label disclosing where the car was assembled, the percentage of equipment from the U.S. and Canada combined, and the country where the engine and transmission were built. Disclaimer. AND WE WON," Paxton tweeted. Yet even if one wished away these employee compensation costs, the USPS still has not been able to keep revenues above costs. … The USPS has a monopoly on letter service, plus exclusive access to your mailbox. USPS … But a handful of moderates from both parties are urging Biden to make a deal. August 15, 2020 . Publicly, the Postal Service has blamed its financial woes on a waning interest in old-fashioned mail (exacerbated by the financial crisis). All this red ink has flowed despite USPS’s aggressive move [1] into the parcel delivery business. The Postal Service is in dire financial straits because its revenues are insufficient to support its operational costs and liabilities. Thank you for your feedback. Protect Your Browser in 30 Seconds, Russian authorities target Navalny's associates and wife in series of police raids ahead of protests, U.S. approves all deals involving Yemen's Houthis for one month, Virginia National Guard corporal fired from police department after Capitol riot. Starting the ball rolling for budget reconciliation leaves plenty of time for bipartisan talks. Share. These five charts depict the immensity of USPS’s financial challenges. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Sudan's civilian government has said the deal to normalise relations with Israel can only take effect once approved by a transitional legislative council that is yet to be formed. Indonesia’s most active volcano erupted Wednesday with a river of lava and searing gas clouds flowing 3,000 meters (nearly 10,000 feet) down its slopes. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Word has it the former Second Family is staying at the Indiana governor’s cabin or crashing with kinfolk back in their home state. Nyima was first arrested in November 2019 after distributing leaflets with three other monks according to Human Rights Watch (HRW). * Tesla produces the vast majority of EVs in the U.S., and all of its models contain at least 55% American-made parts, according to federal data. Financial stress can lead to heart problems, depression and other maladies. Postal System have become a point of contention on Capitol Hill. * Today, the government requires federal vehicles to have at least 50 percent of their components made in America, but loopholes allow the most valuable parts like engines or steel to be manufactured elsewhere, Biden told reporters Monday. 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Yet even if one wished away these employee compensation costs, the USPS still has not been able to keep revenues above costs. * "This could put wind in the sails of a lot of new startups," said Langley.Be smart: sign up FREE for the most influential newsletter in America. USPS spokeswoman Martha Johnson told USA TODAY on Wednesday that 8,789 postal employees have tested positive for COVID-19 – slightly more than 1% of its workforce. With election day less than a month away, concerns are mounting that the USPS lacks the bandwidth to process the likely historic number of mail-in ballots. Tenzin Nyima, also known as Tamay, served at Dza Wonpo monastery in Wonpo township, Kandze prefecture, a Tibetan area in the Sichuan province of China. In April, the agency asked Congress for a relief fund of $89 billion, but President Trump prevented the relief bill from passing. The story was originally shared by Business Insider but reposted to other outlets: Pence is reportedly staying at a cabin that Indiana Gov. All times are ET. But O’Rourke says, at the encouragement of the president, Congress created this problem on their own. More stories from theweek.comSarah Huckabee Sanders' shameless campaign for governorTrump's impeachment lawyer said he thinks 'the facts and the law will speak for themselves'Mitch McConnell is the GOAT, After Getting The Drone Footage Back, They Spotted This…, ‘There appeared to be no remorse,’ says Calcasieu Parish sheriff Tony Mancus. The Postal Service’s debt “is a direct result of the mandate that it must … pre-fund the retiree health plan,” the USPS Inspector General wrote in 2015. 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