|Prepare for Dramatic Surge in Stamp Prices|
|by Tom McGregor||Tue, Dec 24, 2013, 07:09 PM|
Just before President Barack Obama hit the golf courses in Hawaii, he permitted the U.S. Postal Services to boost the prices of stamps for the year 2014.
The Houston Chronicle reports that, "Mailing a letter is about to get a little more expensive. Regulators on Tuesday approved a temporary price hike of 3 cents for a first-class stamp, bringing the charge to 49 cents a letter in an effort to help the recover from severe mail decreases brought on by the 2008 economic downturn."
Nevertheless, Commission Chairman Ruth Y. Goldway is claiming the price increase in stamps will just be temporary.
According to the Houston Chronicle, "The higher rate will last no more than two years, allowing the Postal Service to recoup $2.8 billion in losses. By a 2-1 vote, the independent rejected a request to make the price hike permanent, though inflation over the next 24 months may make it so."
The US Postal Service has lost over $5 billion in revenues in recent years and is begging Obama for a bailout.
To read the entire article from the Houston Chronicle, link here:
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