Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays Bank.
In yet another attempt to stanch the flow of red ink, the US Postal Service plans to increase first class stamp prices from $0.44 to $0.45 on January 22nd, 2012. This is the first such increase in two years, and it’s expected to generate $888M in revenue.
Unfortunately, that’s just a drop in the bucket relative to the losses they’ve experienced — $8.5B in 2010, and $10B in fiscal year that ended last month — but it’s a start, I guess…
Sharp-eyed readers will note that they actually proposed an increase from $0.44 to $0.46 that would’ve gone into effect earlier this year, but that price hike was apparently never approved. The current $0.01 increase is the largest that they can enact, as such increases are pegged to the Consumer Price Index.
At the same time, the Postal Service is pushing Congress to enact reforms that would allow them to end Saturday deliveries, close locations, and raise postage prices at a rate higher than inflation. Until these things happen, I can’t see the USPS being able to balance their books. But even if these things happen, it will be an uphill battle as demand for mail service declines.
One bit of good news is that all stamps being printed are now “forever” stamps, so you won’t have to worry about those pesky little one or two cent stamps to round up your old stamps to the new rate.
Other changes include postcards going up from $0.29 to $0.32, letters to Canada and Mexico going up from $0.80 to $0.85, and letters to other international destinations increasing from $0.98 to to $1.05. Apparently these other rates aren’t pegged to inflation, as they all exceed the 2.1% CPI cap.
Source: Washington Post
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math (693)
- Dish Network Customer Service SUCKS (536)
- $8,000 Homebuyer Tax Credit (429)
- Pay Off Mortgage Early or Invest? (424)
- How to Claim the First-Time Homebuyer Tax Credit (352)
- Termite Control: Sentricon vs. Termidor (329)
- How Much Should You Pay a Babysitter? (286)
- Ethanol Blended Gas = Lower Mileage? (272)
- Reduced Credit Limits? Share Your Experience (256)
- $15,000 Homebuyer Tax Credit (242)
- Buying Furniture off the Back of a Truck (235)
- Will Mac OS X Lion Kill Quicken 2007? (191)