USPS revenue rises 3.2% in Q3
U.S. Postal Service reported a 3.2% rise in revenue in the third quarter. Yahoo Finance's On the Move panel discusses.
Video Transcript
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JULIE HYMAN: With stimulus talks ongoing, we are also focusing on funding for the US Postal Service, and they came out with some numbers today. Posted a $2.2 billion net loss. And, Adam, talked about, you know, it's having trouble with its operations.
ADAM SHAPIRO: Is it? Because what people seem to forget is that Congress-- I think it was 2005, 2006-- passed a law which requires the United States Postal Service to prefund its retiree health benefits for the next 75 years. No private company in the country does that. We certainly know that city and state governments don't do it. Heck, the federal government doesn't do it.
So the Postal Service, most of their losses can be attributed to the fact that they, out of pocket, are prefunding going forward those health expenses. And a lot of people say is it fair to require them to do that? I'll leave that to wiser minds to answer.
JULIE HYMAN: Yes, but certainly I rely on the post office. I'm sure a lot of Americans still do as well. So that is part of the debate, I suppose. I guess we can call that your Word on the Street, Adam.
