Postmaster general: Get used to 'uncomfortable' rate hikes

Source: Associated Press

Postmaster general: Get used to ‘uncomfortable’ rate hikes

May 5, 2022

WASHINGTON (AP) — Americans should get used to “uncomfortable” postage rate increases in coming years as the U.S. Postal Service seeks to become self-sufficient, Postmaster General Louis DeJoy said Thursday.

The Postal Service Board of Governors sets postage rates, but DeJoy said he’ll advocate for raising prices until “we have accomplished our objective of projecting a trajectory that shows us being self-sustaining.”

“I believe we have been severely damaged by at least 10 years of a defective pricing model which cannot be satisfied by one or two annual price increases, especially in this inflationary environment,” he added.

DeJoy made the remarks at a Board of Governors meeting in which the Postal Service reported a loss of about $1.7 billion for the latest quarter.

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Read more: https://apnews.com/article/business-postal-service-louis-dejoy-e25eb77fe45a68797e264e92992d317e