After announcing a price increase for stamps, the United States Postal Service (USPS) reported a $5.6 billion loss for this year.
According to The Hill, USPS had $610 million in controllable income for this year, down from $1.2 billion last year. This loss increased from $5.1 billion last year.
“To drive growth in revenue and better serve our customers, we continue to invest in the future of the Postal Service by leveraging technology, improving processes and adjusting our network,” Postmaster General and USPC CEO Megan Brennan, said to The Hill. “In 2016, we invested $1.4 billion, an increase of $206 million over 2015, to fund some of our much-needed building improvements, vehicles, equipment and other capital projects.”
In a statement to The Hill, the USPS said that these types of losses are likely to continue for the foreseeable future due to mandated costs, such as a retiree health benefits program that isn’t fully integrated with Medicare, and “an ineffective pricing system.”
