USPS leaders forecast it would break even this year. It just lost $6.5 billion.
The U.S. Postal Service is in the midst of a 10-year plan aimed at erasing losses and eventually turning a profit. But in its last fiscal year the agency reported a loss of $6.5 billion, a major step backward after USPS leaders has predicted it would break even.The 10-year plan is the brainchild of Postmaster General Louis DeJoy, who has argued that the overhaul was essential to stop the financial bleeding and put the USPS on the road to profitability. Under his plan, which he introduced in 2021, the agency had been projected to reach a break-even point in fiscal year 2023 and begin turning a profit in 2024. The agency's turnaround plan centers on slower delivery standards and postage hikes, changes geared to cutting costs and raising revenue but that proved unpopular with some businesses...