![]() ![]() A recent OIG report on the historical performance of retirement funds found this lack of authority to diversify investments has resulted in lower returns and an increase in expenses, the USPS noted. Part of the costs outside of the USPS’ control are investment of its retirement funds, which by law are limited to government bonds. Last month, the postal Office of Inspector General (OIG) ordered a public review of various aspects of the 10-year plan, including its call for consolidation of sorting and delivery operations into regional centers.Īccording to an op-ed in The Hill, the USPS is on the Government Accountability Office’s (GAO) biannual list of high-risk federal agencies “vulnerable to waste, fraud, abuse and mismanagement or in need of transformation.” This is an improvement from an earlier projection of a $160 billion loss. But a two-year progress report on the plan, issued last month, now calls for a $70 billion deficit during that period. When presenting the 10-year Delivering for America plan in 2021, DeJoy said efficiencies and revenue gains would help fuel a break-even result for the entire period. “We continue to focus on achieving break-even financial results for the 10-year period, although inflationary and economic conditions, as well as administrative hurdles, have proven difficult.” ![]() “The Postal Service is making rapid progress with our 10-year transformation and modernization plan, which has already produced strong service performance and efficiency improvements and is creating a much more capable and effective operational model for the nation,” said Postmaster General and CEO Louis DeJoy in a release. This was thanks to twice-yearly price increases approved in 2022 by the Postal Regulatory Commission (PRC). While revenue from parcel shipping decreased 2% to $7.6 billion, revenue from first-class mail ticked up a half percent to $6.3 billion, even with the volume drop. First-class mail, which also includes some ecommerce activity, declined 8% to 11.9 billion pieces. Parcel shipping volume was 1.7 billion pieces, down from 1.8 billion pieces a year ago. “I don’t know how her name ended up on your check,” her grandmother told me, “but I’m glad you got your money back.Operating revenue for the USPS was $19.3 billion in Q2, down 2.4% from $484 million in 2022. The grandma said Taryell had recently changed her number and she didn’t know how to get in touch with her. ![]() She listened patiently as I described what happened to me but wasn’t able to offer much help. I eventually reached her grandmother who lives in the area. The listed phone numbers for Taryell were no good. A USPS mail carrier picks up mail from the mailbox on Pavonia Ave. “In various iterations of the scheme, those bank accounts have belonged to the mail thieves, to complicit account holders, or to unsuspecting third parties whose debits cards or personal identifying information has been stolen,” Bharara said at the time. Attorney Preet Bharara detailed the myriad ways the criminals used the banking system to turn the checks into cash. The available data suggests that thefts at USPS collection boxes - at least the ones that are reported - are relatively uncommon.Īfter eight men were charged with bank fraud and mail theft in 2017 for allegedly pilfering mailboxes in the Bronx, then-U.S. President Donald Trump has claimed that the increased use of mail-in ballots will lead to fraud even though numerous studies and reports have found there’s no widespread evidence of voter fraud in the U.S. mail system at a time when the Postal Service is under intensifying scrutiny over its ability to move and safeguard mail-in ballots for the 2020 presidential election. The thefts raise fresh questions about the security of the U.S. “That’s right do not, stop, don’t do it, halt, blockade, cease, discontinue, freeze, terminate, placing any mail you don’t want stolen from the big blue mailbox in front of the United States Post Office located in Peachtree City,” the police department posted on its Facebook page. And the situation got so bad in Peachtree City, Georgia, that police warned residents to stop dropping their mail at the main collection box. Roughly $200,000 in checks were stolen from a collection box outside a New Orleans post office that same month. The Boston area was hit by a rash of thefts at USPS boxes in February. ![]()
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