The price of a first class stamp goes up two more cents, effective today (May 11). The stamps are now 44 cents each. This is the third straight year rates have gone up in May under a new system that allows annual increases as long as they don’t exceed the rate of inflation for the year before.
Even with this added income, the Postal Service still could run out of money by the end of the year. Much first class mail is being diverted to the Internet and the recession is keeping businesses from sending their usual volume of advertising.
The Postal Service does not get a taxpayer subsidy. It lost $2.8 billion last year. Postmaster General John Potter has asked Congress for permision to reduce mail delivery to five days a week.
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