The cost of a Forever stamp is expected to rise to 60 cents from 58 cents in July — part of Postmaster General Louis DeJoy’s efforts to boost prices “at an uncomfortable rate” until the Postal Service becomes financially self-sufficient.

The agency, which receives no direct taxpayer funds, has been losing money for the last 14 years. It expects to lose another $110 billion over the next decade.

The reasons are obvious. Revenue from first-class mail has all but vanished amid the switch to digital communications.

The Postal Service also has been hamstrung by paying into a health benefit fund for current and retired employees for 75 years into the future.

Is there a better way to salvage the Postal Service instead of endless price hikes?


We should follow the example of more than a hundred other countries and allow the Postal Service to offer limited banking services at its thousands of post offices.

France, Japan, China — each is among countries that maintain postal services in the age of email by empowering their post offices to compete with private banks.

When I lived in Tokyo, I had a postal banking account. It was incredibly convenient — and just as reliable as a big bank.

There’s been plenty of time for such systems to work out any kinks. The first postal banking system was put in place by Britain in 1861.

Democratic lawmakers have introduced various bills over the years to bring banking to the U.S. Postal Service, and to date they’ve all been opposed by Republicans.

Sen. Kirsten Gillibrand, a New York Democrat, introduced legislation to create a Postal Bank in 2018. It would have empowered post offices to offer checking and savings accounts, and to provide low-interest short-term loans.

“I think this is such an elegant fix for complex problems,” Gillibrand told me at the time, “particularly payday lending.”

She noted that millions of Americans become trapped every year by short-term lenders charging annual interest rates of as much as 400%.

“Congress has the ability to wipe out these predatory practices right now by creating a Postal Bank that would be accessible to everyone,” Gillibrand said.

Unfortunately, this elegant fix is nowhere close to being implemented.

Instead we have DeJoy, who was appointed by former President Trump, saying that stamps are just going to keep getting more expensive “until such time as we have accomplished our objective of projecting a trajectory that shows us becoming self-sustaining.”

File that under “missed opportunity.”