USPS Doesn’t Have Multibillion Surplus
The Claim
The USPS is operating at a multibillion dollar surplus.
Emerging story
On August 24, 2020, U.S. Representative Darin LaHood said that the United States Postal Office is operating with a "$12 billion surplus.”
The claim, and many similar, soon went viral on social media.
Misbar’s Analysis
Misbar’s investigation found that the claim followed a vote for legislation over sending $25 billion to the U.S. Postal Service. LaHood voted against the legislation, saying that the USPS has a $12 billion surplus so they shouldn't require any further funding.
PEW Research found that the USPS has not recorded a net profit since 2006.
In fact, in 2019 alone, it functioned at a deficit of about $9 billion.
It appears that LaHood was referring to the $13 billion that the USPS has in cash on hand, or unrestricted cash.
However, unrestricted cash is not surplus; it merely means how much money is currently available to the USPS. Since a surplus is not the same thing as unrestricted cash, LaHood is incorrect that the USPS has a $12 billion surplus.
