12 Years Of Loss: The Postal Service
Remember 2006? High School Musical had just come out, Taylor Swift put out her debut album, and Lady Gaga wasn’t famous yet. It also happens to be the last year that the Postal Service has made money.
The US Postal Service opened Wednesday morning with their financial statements. What was found was that they had a loss of $3.9 billion for the past fiscal year that ended for them on Sept. 30th. This number is $1.2 billion more than the previous year’s loss. The reason why it’s so high: retirements and less mail.
We’ve seen, in the past few months, competitors raise their prices even higher than the inflation percentage. This allows their companies to stay afloat and become profitable. The US Postal Service will see a price increase of 10% with their first-class stamps starting in January.
So if you have any mass mailings coming up for graduation, wedding, etc., invest in stamps before the year ends or expect to pay more down the line.