(PatrioticPost.com)- Amid ongoing inflationary concerns that are chipping away U.S. citizens’ spending power, the U.S. Postal Service is another indicator of worsening times. USPS announced that they were increasing prices of the Forever Stamp, along with other products, back in April, and that jump is going to take effect on July 10.
The price of the Forever Stamp will only be increased by two cents and any stamp purchased before July 10 can be used indefinitely. The few cents saved last year that was praised by the Biden administration can finally be used.
Letters and domestic postcards will also be increasing in price by a few cents, while international letters will increase from $1.30 to $1.40. The USPS reportedly claims that the price increase of 6.5% is lower than inflation across the board which currently sits at 8.6, according to the latest Bureau of Labor Statistics in May.
Less than a year ago, however, the Forever Stamp had already increased in price form 55 cents to 58 cents. This does not seem like it will end anytime soon. Postmaster General Louis DeJoy says that Americans should begin to become accustomed to increasing prices.
“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,” DeJoy said.
At the end of May, Treasury Secretary Janet Yellen responded to previous clips of her downplaying inflation. She admitted she was wrong and did not understand “supply bottlenecks.”
“There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly that I didn’t—at the time, didn’t fully understand,” she said.
A recent poll shows that 57% of Americans believe we are on the brink of a recession. This reflects the recent consensus of economists who think it is becoming increasingly likely that the country will enter a recession. The Biden administration continues to deny this reality. When a reporter about it while taking a leisurely stroll in Delaware, Biden accused the reporter of sounding like a Republican.