WASHINGTON — Americans should get used to “uncomfortable” increases in postage rates in the 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 would advocate for higher prices until “we have achieved our goal of projecting a trajectory that shows we are self-sustaining.”
“I think we’ve been badly damaged by at least 10 years of a flawed pricing model that can’t be satisfied with one or two annual price increases, especially in this inflationary environment,” he added.
DeJoy made the remarks during a meeting of the Board of Governors where the Postal Service reported a loss of about $1.7 billion for the last quarter.
A sweeping overhaul designed to shore up the Postal Service’s financial future will be reflected in next quarter’s results. The long-delayed law also ensures mail delivery six days a week.
The bill was signed by President Joe Biden the same day the Postal Service announced plans for the latest rate increase.
If he gets final approval, the cost of a first-class “forever” stamp will increase from 2 cents to 60 cents, effective July 10.