Trump Eyes USPS Privatization Amid $9.5 Billion Loss

Dec 14, 2024, 04:14 PM

President-elect Donald Trump has expressed interest in privatizing the U.S. Postal Service (USPS), citing its financial losses as a primary reason. Trump has discussed this potential overhaul with Howard Lutnick, his nominee for commerce secretary, and other transition officials at Mar-a-Lago. The USPS reported a loss of $9.5 billion in the fiscal year ending September 30, 2024, up from $6.5 billion the previous year, despite having a total operating revenue of nearly $80 billion. The agency faces nearly $80 billion in liabilities. Trump's interest in privatization could significantly impact consumer shipping, business supply chains, and potentially lead to the loss of hundreds of thousands of federal jobs. The move is seen as part of a broader push for federal cost-cutting, with discussions also involving the 'Department of Government Efficiency' (DOGE), a panel led by tech entrepreneurs Elon Musk and Vivek Ramaswamy. However, the specifics of how Trump plans to privatize the USPS remain unclear, and any significant changes would likely require Congressional approval.