Trump Signs Executive Order to Review US Postal Service Finances

Post office building in Carmel Calif

President Trump issued an executive order on Thursday to create a task force to study the United States Postal Service's business model.

President Donald Trump, who has assailed Amazon.com and falsely accused the online retail giant of cheating the U.S.

Trump recently lobbed multiple Twitter attacks against Amazon, claiming the online retail giant pays "little or no" state and local taxes and costs us taxpayers "many billions of dollars" through cheaper Postal Service shipping rates.

The task force will be chaired by Treasury Secretary Steven Mnuchin or his designee, and it will consult with the Postmaster General and the Chairman of the Postal Regulatory Commission, among others, the executive order said.

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Trump has fired back at his critics, stating "Just fools worse, 're saying that our money-losing Post Office earns money together with Amazon" and has pledged this, "this will be changed".

Under the Postal Accountability and Enhancement Act of 2006, the Postal Service's so-called "competitive products" must "cover attributable costs and contribute to institutional costs". E-commerce revenue provides "essential support to pay for the network and infrastructure that enables us to fulfill our universal service obligation", David Partenheimer, a spokesman for the Postal Service, wrote in a January op-ed.

Number one on the list of task force items to look into is the expansion and pricing of the package delivery market. These $5.4 to $5.8 billion yearly payments account for 87 percent of reported USPS losses since 2007, and 100 percent since 2013.

Amazon regularly uses the Postal Service to complete what's called the "last mile" of delivery, with letter carriers dropping off packages at some 150 million residences and businesses daily.

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The Postal Service, which is supposed to be self-sustaining, must ask Congress for permission to raise rates and must pre-fund decades worth of retiree health benefits.

So is the postal service getting ripped off? The Postal Service has the ability to operate in the black if not burdened with unreasonable congressional mandates.

Still, federal regulators have reviewed the Amazon contract with the Postal Service each year, and deemed it to be profitable. The company does get a discount because of its large volume of packages.

That's been the case since 1982, according to its most recent 10-K form.

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