Postal Services Increased The Prices Of The US Stamps
There are many industries in the US which are not performing well regarding revenue, but the government has to run them even if they are in the losses and Postal services are one of those businesses. A recent report shows that the postal services have decided to increase the price of forever stamps by 10% which means the postal stamps which you used to buy at 50 cents will now cost you approximately 55 cents. United States postal services are one of those public services which are serving millions of people across the country, but from last few years the express company is in the losses. According to the last quarter’s report, the company had booked more than $1.5 billions of losses. The last time when USPS raised the prices of stamps was in 1991 when USPS raised the prices by 16% which shows that now the company is in short of funds to continue its excellent service.
However, this is not the first time USPS has increased the prices of the stamps because in January 2017 the rates of the stamps were increased by merely 1 penny. However, the cost for additional ounce for a first class letter has dropped from 21 cents to the 15 cents which means now a person can send wedding or invitation cards at a cheaper rate even if the prices of the stamps has increased by the USPS. The postal business is already getting hit because of the leading technology since many are using digital forms of communication like email due to which the traditional way of communication is getting lost. Even if the USPS is suffering from losses, the government will have to keep public companies running which are accounted for the majority of the official work.