US President-elect Donald Trump is reportedly considering privatizing the US Postal Service (USPS) due to its significant financial losses. The move, which could disrupt consumer shipping and business supply chains, has sparked concerns among federal workers.
Trump discussed his plans with officials advising him on his transition back to the White House, citing the USPS’s annual financial losses of $9.5 billion in the fiscal year ending September 30. He argued that the agency should not be subsidized by the government.
However, Trump’s specific plans for privatizing the USPS are unclear. During his first presidency, he sought to transfer certain functions from the agency to the federal treasury department, including labor relations and personnel matters.
The USPS has a long history dating back to 1775 and has been financially self-sustaining since 1970. Despite facing challenges such as declining mail volume and a slower parcel shipping business, it remains one of the most well-liked federal agencies.
Critics argue that privatizing the USPS could harm consumer services and push hundreds of thousands of federal workers out of government jobs. The agency’s financial report disclosed nearly $80 billion in liabilities, highlighting the need for sustainable funding solutions.
Source: https://www.theguardian.com/business/2024/dec/14/trump-united-states-postal-service-privatization