U.S. Postmaster General Louis DeJoy has asked the Postal Service governing board to find his replacement. Since 2007, USPS has lost over $100 billion, and DeJoy warns that without continued cost cuts, the agency faces either a government bailout or collapse.
Appointed in 2020, DeJoy implemented a 10-year restructuring plan in 2021 to cut $160 billion in projected losses. USPS now expects $80 billion in losses and plans further reductions. First-class mail volume has dropped 80% since 1997, hitting a 55-year low.
Despite congressional criticism, DeJoy defended USPS’ shift to electric vehicles after receiving $3 billion in federal funding. USPS refrained from raising stamp prices in January after a July hike to 73 cents. The timeline for DeJoy’s departure remains unclear.
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