USPS plans to raise stamp prices again this July
It looks like you may be paying even more to mail items starting this July. The USPS has submitted a proposal to raise the price of first-class mail stamps from 78 cents to 82 cents.
Waiting for approval
The approval isn't automatic, so it's not a done deal that the stamps will be going up in price. The proposal was sent to the Postal Regulatory Commission.
This increase is just one of a few proposed price hikes. While small, when you start adding them up, it has an impact on the wallets of everyday people, and businesses that use USPS.
Addressing a severe financial crisis
As you've probably guessed, the proposed increases are to help the postal service deal with a severe financial crisis. Between rising fuel prices, labor costs, and a large decline in mail volume, the service is hurting.
The Postal Service relies entirely on its products and services to fund all its operations. It doesn't get any federal tax dollars.
The situation has gotten so serious that Postmaster General David Steiner testified to the House Oversight Committee in March that the service has less than 12 months left of cash.
Doing what it can to survive the economic environment
The USPS released a statement saying it's doing everything it can to survive.
“The Postal Service is using all available tools, including available regulatory pricing authority, to ensure we can continue to fulfill our universal service obligation and serve the American public,” the agency said in a press release.
Other measures include stopping employer contributions to the Federal Employees Retirement System annuities. This is to ensure the service can still cover payroll.
Yet another service is increasing in cost
If it seems like there's a trend right now, you're not wrong. This is yet another service that is raising prices, putting a heavier burden on people.
Sources: CNBC
