NATIONAL
USPS: Big operating profits announced as a loss
WASHINGTON, D.C. (Feb. 19, 2014) — The recent Postal Service Financial Report for the last calendar quarter of 2013 shows an operating profit of $765 million, yet the official postal press release — duly reported in the media — announced a loss of $354 million.
A promising recovery in postal finances was highlighted by an increase of $1.5 billion in postal cash, spurred by revenue increases and cost reductions.
Mark Dimondstein, President of the American Postal Workers Union, calls it a “manufactured crisis.”
Privatizers have used the ginned-up crisis to undermine a great national treasure. They’ve been closing mail processing plants, outsourcing retail operations, threatening to eliminate six-day delivery and generally harming service.
National Association of Letter Carriers President Fredric Rolando said, “lawmakers should strengthen the postal network while addressing the remaining problem: the congressional mandate to pre-fund future retiree benefits.”
PREVIOUSLY at The Stand:
Pre-funding mandate masks USPS 2013 profit (Nov. 20, 2013)
USPS backs off plan to cut Saturday service (April 11, 2013)
Congress broke U.S. Postal Service, and must fix it (Feb. 7, 2013)