Why does Louis DeJoy still have a job? He was hired as a turnaround expert, but instead he’s turned USPS into a perpetual raider of the taxpayer piggy bank, while he gets further captured by the agency he was supposed to reform.
Since he took over at the helm, USPS has received $120 billion in taxpayer handouts via the Inflation Reduction Act and other Biden debt bomb giveaways.
In his latest act of almost criminal financial negligence, instead of culling the herd of union workers, DeJoy last year converted 125,000 part time USPS employees to full-timers with full benefits – much to the delight of the postal union. USPS already faces an unfunded pension liability of $98 billion. Take two guesses on who’s going to pay off that debt.
DeJoy promised as part of a recent 10-year bailout plan, USPS would break even in 2023 and run a $1.7 billion SURPLUS in 2024. Instead, USPS lost $6.5 billion in 2023, and $9.5 billion in 2024. Whoops!
USPS claims it made $12 billion last year on packages – by attributing zero of its overhead costs to that service line. It’s a shell game.
Why do we need USPS to be losing taxpayer money to compete with FedEx, UPS, and other private package services that provide overnight delivery with a 95% on time record?
DeJoy needs to go – and right away!