Trump orders review of postal service after blasting Amazon
14 April, 2018, 20:16 | Author: Janis Wilson
Amazon founder Jeff Bezos also owns The Washington Post, which has been a frequent Trump target.
In fact, the Postal Service has lost money for years, but it actually makes money on package deliveries, with Amazon accounting for a large chunk of that. The task force is instructed to submit a report on its findings within 120 days. In this announcement, Trump said the postal service is "on an unsustainable financial path and must be restructured to prevent a taxpayer-funded bailout".
President Donald Trump late Thursday took his first concrete step toward changing the way the United States Postal Services operate after a weeks-long barrage of critical tweets over its relationship with e-commerce giant Amazon. The website Save The Post Office, however, recently did a lengthy analysis outlining how Amazon nearly certainly pays the postal service more than it costs to ship packages and that taxpayers are not subsidizing Prime's two-day free shipping. Is this executive order motivated by the desire to preserve a vital American institution, or the need to inflict corporate harm on a presidential enemy? The Postal Service then delivers the packages to their destinations.
Amazon relies on USPS for many of its last-mile deliveries and in 2013, the two struck a landmark deal to deliver packages on Sundays.
"As we have repeatedly stressed, these business model problems are serious, but solvable, and the President's executive order. provides an opportunity to further consider these important public policy issues", the statement said.
Whether or not Amazon spurred the government audit, Schulman says its analysis of the Postal Service should be conducted as a part of routine business. Credit Suisse estimates this could amount to a hit of $1 billion to $1.8 billion to Amazon's bottom line. "Although we continue to win customers and grow our package business, these gains are not sufficient to offset continuing declines in our mail business, which is our main source of revenue and contribution", Postmaster General and CEO Megan Brennan said in February. In 2017 they brought in $19.5 billion, up 11.4 percent over the year prior.
Representatives from the Treasury Department, Federal Financing Bank, Office of Management and Budget, and Office of Personnel Management will sit on the task force. That appears to be working out for USPS, which said the growth in its package business was "a result of our successful efforts to compete in the ground shipping services and "last mile" e-commerce fulfillment markets, including Sunday delivery", in another financial report previous year.
The agency is also drowning in "higher than normal" costs of retiree benefits, including pensions and health care.
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