by Donna Martinez
Former Senior Writer and Editor, John Locke Foundation
Federalnewsradio.com has the disturbing financial data about the US Postal Service:
Despite the continued growth of its package delivery business, USPS ended fiscal 2017 with a $2.7 billion loss, down from a $5.6 billion loss in fiscal 2016.
Postmaster Megan Brennan weighed in on the future:
Amid the harsh reality of the Postal Service’s financial situation, Brennan also thanked the Postal Regulatory Commision, USPS’ oversight board, for approving the agency’s proposal to increase prices for a number of its products next year. Effective Jan. 21, 2018, the Postal Service will raise the price of a first-class postage stamp to 50 cents — an increase of 1 cent — and will introduce an across-the-board 5-cent increase on flat-rate postal products.
Brennan said the new pricing structure will provide the Postal Service with “much-needed revenue to help fund our operations.”