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The U.S. Postal Service is hurting. In April, The American Independent reported that it’s teetering on the brink of financial insolvency, with no obvious solution in sight. Unless something changes quickly, within five months, the USPS will default on its largest single financial obligation, an action that could have a massive impact on the mail service. It’s now up to Congress to stop that from happening, but all signs point to nothing happening on Capitol Hill.
This week, the U.S. Postal Service issued a new price hike. The change doesn’t affect the price of a basic first-class stamp, so it’s gone unnoticed by most consumers, but it’s the latest desperate volley from the Postal Service to stem the coming tide of insolvency.