United States President Donald Trump has a way to plug the holes in the U.S. Postal Service's wallets. Amid the busiest holiday shopping season, Trump held nothing back in both a recent interview with Fox & Friends and through his Twitter account.
President Trump noted that the online retailing giant Amazon has been making money hand-over-fist, while a critical component to its success, the United States Postal Service has been losing more than 2 billion dollars a year. As always he was straight and to the point saying that the U.S.P.S. should be charging Amazon significantly higher shipping prices. He even went on to say that by Amazon taking advantage of the post office's low prices it was making workers at the post officers "dumber and poorer."
This is not the first run-in that Amazon and its owner, the world's richest man Jeff Bezos, have had with President Trump. Bezos is also the owner of the Washington Post which is routinely listed in Trump's catalog of 'fake news' media outlets. Trump has even coined the term 'Amazon Washington Post'.
Trump detailed that practically every report he has seen from the Washington Post is negative, even when the root story is about positivity.
Trump's point of view is understandable as Bezos saw his net worth soar this year to over $100 billion after shares of Amazon sky-rocketed.
On the flip side of 'prosperity coin' we have the U.S. Postal Service which reported a loss of $2.1 billion in the third quarter alone. In fairness, the U.S.P.S. has been in decline for the past 11 years. In ten years the USPS has reported losses exceeding $65 billion.
Bills are being considered to help the postal service via some aggressive legislative reform. Last March the House Committee on Oversight and Government Reform voted in favor of a bailout they dubbed the Postal Reform Act of 2017. It is unclear if the momentum is still there as the primary bill sponsor, Representative Jason Chaffetz has since resigned and now works for Fox News as a contributor.
The CEO if the U.S.P.S Megan Brennan said that while her agency's financial troubles are grave, they are solvable. She hopes that with continued legislation and regulation reform that the government will return the postal service to a state of financial stability allowing the postal service to maintain its longstanding history of delivering affordable mail and shipping services to the American public.
Hopefully, the postal service will get the new wind in its sails thanks to Trump speaking up on the matter.Posted in Business and filed under Donald Trump, Postal Service, Amazon.