Trump says he will not approve the $10 Billion emergency loan for the US Postal Services


US President Donald Trump said he will not approve a $10-billion emergency loan for the US Postal Service unless it raises shipping charges for online companies including Amazon. Trump said it should raise prices by four times. “USPS is a joke because they’re handing out packages for Amazon and every time they bring a package they lose money on it,” he said. Trump is ignoring the need of the hour and is prompting the criticism that the move would hurt consumers relying more than usual on packages during the corona-virus outbreak.

The President always accused the post office for charging less service money from big companies and ending up losing their own money. He claims managing cost has to be administered in these government based institutions to more likely for ending up in profit.
Trump made the remarks at a ceremony to sign a $484 billion corona-virus relief bill formed to help small businesses and hospitals and to initiate testing for the virus, which has killed more than 50,000 Americans.

The Postal Service has said that it may not be able to continue service past September without help. The U.S. Congress has authorized the Treasury Department to lend it up to $10 billion as part of an earlier $2.3 trillion corona-virus stimulus package.

In the meeting held, some postal reforms were to be formed and criteria is to be figured as part of the loan. Also the post office should ask for changes in how the service manages its finances as part of the loan, including what it charges to deliver packages.

Trump who was firm at his decision that he wont sign up for the postal services needed and did not authorize to do the same, sounded diplomatic a day after when he said that he wants to update the postal services and make sure the changes occur rather than it being in losses. He wants it to survive based on the reforms and changes. “It has been mismanaged for years, especially since the advent of the internet and modern-day technology,” Trump said in a tweet. “The people that work there are great, and we’re going to keep them happy, healthy, and well!”

Also read: Blockbuster stimulus unlikely, & Nifty may retest 8,800 level