US Postmaster General Louis DeJoy announced that he is looking for his successor. He made this statement during a recent meeting with the USPS governing board.
Since 2007, the USPS has faced significant financial challenges, losing over $100 billion. DeJoy emphasized the importance of cutting costs to avoid what he described as a potential “government bailout” or the downfall of the postal service.
Under DeJoy’s leadership since 2020, the USPS has been working on a 10-year plan introduced in 2021. This plan aims to reduce expected losses by $160 billion in the coming decade. However, recent projections now show a potential loss of $80 billion. To address this gap, the USPS plans to implement further cost-cutting measures.
He has encountered criticism, particularly from Congress, regarding his plans to consolidate the USPS processing network.
Despite these challenges, DeJoy defended the USPS decision to invest in electric vehicles. This decision came after Congress allocated $3 billion to the organization, especially following its role in delivering millions of ballots during the last presidential election.
First-class mail continues to decline. Last year, the volume dropped by 3.6%, totaling 44.3 billion pieces. This decline represents an 80% decrease since 1997, marking the lowest level of mail usage since 1968.
In a surprising move, the USPS announced it would not raise stamp prices in January for the first time in two years. In July, the price of a first-class stamp was increased from 68 cents to 73 cents, along with an overall price hike of 7.8% for mailing services.
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