PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Advocate Pushes for USPS Reform, Not a Bailout: Q2 Financials Show Massive Losses

By at 8 May, 2020, 3:08 pm

NEWS

For Immediate Release

Washington, D.C. – The United States Postal Service (USPS) released their second quarter financials today, which show losses of $4.5 billion. The total loss for the first six months of the year is $5.2 billion. At the same time, USPS is showing a better cash and assets position than it did six months ago, and year over year.

Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement on the USPS financial report:

“The Postal Service’s second quarter finances released today are shocking but not that surprising to those who have been following their inattentive and unsustainable financial management practices over the years. Postal Service revenues are up, yet they are losing more money than ever. The latest quarter of financials prove one thing – the Postal Service desperately requires reform, not a bailout. A bailout would only preserve and enable the status quo, which is not in the interests of taxpayers or Postal Service customers, including small businesses.

“No business could survive for as long as the Postal Service has under an obsolete business model and high costs, and no lending institution or investor would go near an entity in such financial mess. Congress must not throw more money at ‘the problem.’ They must demand massive reform.”

On March 6, the Board of Governors of the USPS announced the selection of Louis DeJoy to serve as the 75th Postmaster General of the United States.

Related content:

SBE Council Comments to the Postal Regulatory Commission on USPS’s Financial Condition, Cost Structures and Postal Rates, January 30, 2020.

SBE Council Comments to the Postal Regulatory Commission on Revised Rate Proposal for USPS Market Dominant Products, February 3, 2020.

SBE Council Comments to the Postal Regulatory Commission on Current Issues and Pricing, June 21, 2019.

Contact:  
Karen Kerrigan, SBE Council president & CEO
e-mail: kkerrigan@sbecouncil.org   

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org @SBECouncil

###

 

News and Media Releases