United States Postal Service Plans To Cut Billions In Costs For 2024

The United States Postal Service makes the world go round.

Writing letters to those we care about, receiving birthday cards and invitations in the mail to attend upcoming events wouldn't be possible without this service.

To this day, there is still something fun and exciting about receiving something in the mail such as Christmas pictures or a coupon to use.

The United States Postal Service has made our lives easier and brought unexpected joy to it as well, which we may have not thought about before.

How Do You Refer To The United States Postal Service As?

The United States Postal Service goes by different names such as USPS, Post Office, U.S. Mail and more.

They also explain that they connect the nation by,

"The U.S. Postal Service is the only delivery service that reaches every address in the nation: Nearly 167 million residences, businesses and Post Office Boxes. "

 

"The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations."

There will be changes made in 2024 with the USPS and their operating costs.

What Changes Were Made In The Past From The United States Postal Service?

In 2022, the United States Postal Service announced that the price of the Forever stamps would increase. At that time, the expected date of the new prices would have happened on January 22, 2023.

The decision to increase the Forever stamps was made in order to keep up with pricing and costs due to inflation.

The previous price of a Forever stamp was 60 cents and increased to 63 cents. According to the United States Postal Service as of February 2024, a Forever stamp can cost 68 cents.

What Are The United States Postal Services' Plans For 2024?

The Federal News Network provided information about the United States Postal Service and their operating cuts and costs in 2024.

The Federal News Network gathered that the United States Postal Service

"is looking to cut $5 billion from its operating costs and grow its revenue by the same amount over the next two years to overcome its long-term financial challenges."

They continued to share information from Louis DeJoy who is the Postmaster General. 

"Postmaster General Louis DeJoy is telling the White House and Congress that implementing these plans is necessary to keep USPS from running out of cash in the coming years."

What Differences Will We See With The United States Postal Service In 2024?

The Federal News Network continued to share, 

"DeJoy, in a Jan.10 letter obtained by Federal News Network, told President Joe Biden and congressional leaders that USPS is “utilizing all of the self-help tools that are available to us,” and trying to get back on track with its “break-even” goal, after years of billion-dollar net losses."

The United States Postal Service will not only attempt to grow their business with packages but also with new approaches with marketing options and products.

The Federal News Network also shared,

"USPS is also looking to keep raising prices on its monopoly mail products to bring in $2 billion of additional revenue lost from continuing declines in mail volume."

Yahoo also shared a chart which highlights earnings, employment and hours from a survey of the Current Employment Statistics

How WIll Operating Costs Happen With The United States Postal Service?

The Federal News Network shared that the United States Postal Service may consider cutting operating costs.

"DeJoy said USPS will cut $1 billion in retail and delivery costs by “right-sizing” workhours, and accelerating the rollout of Sorting and Delivery Centers (S&DCs)."

 

"He said USPS cut 28 million hours, saving $1.8 billion in 2023, compared to the year prior, “by planning better and working smarter, all while improving service.” Workforce salaries and benefits make up almost 70% of total USPS costs."

Additional plans of cutting costs are also in the works.

What was the best thing that you ever received in the mail which was delivered from the United States Postal Service? What changes have you noticed with USPS? Tell us more below.