The U.S. Postal Service (USPS) is also known as U.S. Mail and the Post Office. It is an independent agency of the U.S. federal government. They are responsible for providing postal service to all Americans at a uniform price and quality, regardless of geography.
The USPS has its roots in 1775 when Benjamin Franklin was appointed the first postmaster general during the Second Continental Congress.
The Post Office Department was created from Franklin’s postal service in 1971. It was transformed into its current form in 1971 under the Postal Reorganization Act.
The USPS stopped receiving taxpayer money in the 1980s. The company had its peak volume in 2006 but revenue dropped sharply due to a recession-influenced decline in the overall volume of mail.
In 2012, the USPS employed 515,144 workers with a fleet of vehicles of 212,530. The USPS’ revenue for 2012 was $65.2 billion, with a loss of $15.9 billion.
The USPS faces steep competition from package delivery services such as FedEx, DHL, and UPS. In addition, the company must put $5.5 billion annually into an account to pre-pay retirees health care costs.