In a move that may further burden American consumers, the U.S. Postal Service (USPS) has revealed plans to raise the price of a first-class stamp for the fourth time in under two years. The proposed hike would peg the cost of a first-class stamp at 73 cents, constituting an approximately 7% increase on all forms of postage. Additionally, the price of metered 1-ounce letters would rise to 69 cents, while international ounce-size letters and postcards would be priced at $1.65 and domestic postcards at 56 cents.

The USPS formally announced the proposal on Tuesday, and it is currently under review by the independent Postal Regulatory Commission. If approved, the new postage rates will take effect in July. This price hike follows previous increases in January 2023, when the price of a first-class stamp rose from 66 cents to 68 cents. Stamp prices have now undergone two increases in the year.

Critics of the proposal argue that the constant rise in stamp prices poses a significant challenge for many Americans. One New Yorker expressed her concerns, stating, "It's ridiculous, absolutely ridiculous. I'm a senior on a fixed income. I cannot really afford stamps that much. I do have a lot of Forever stamps that I bought years ago and I'm using them up, but I don't know how I'm going to afford 73 cents for one stamp." The sentiment is shared by many, with some opting to reduce their use of traditional mail and relying more on electronic alternatives like E-cards and emails.

However, not all individuals are opposed to the price increase. Albert Quiles, a resident of Manhattan, expressed resignation to the higher postal prices, remarking, "You've got to go with the flow, man. Times change. There's nothing you can do. The government says this is what you've got to do. It's not like it's just me -- it's everybody. I don't feel bad about that."

The USPS justifies the price hike as part of its 10-year "Delivering for America" plan, launched in March 2021. The plan aims to transform the USPS into a self-sustaining and high-performing organization. Financial challenges have plagued the USPS, with a reported net loss of $6.5 billion in 2023. This was accompanied by a 0.4% decrease in revenue, amounting to $78.2 billion, and a decline in the use of first-class mail to its lowest level since 1968.

Postmaster General Louis DeJoy previously warned customers to expect "uncomfortable" increases in postage until the USPS achieves self-sustainability. Despite the price hike, a USPS survey conducted in 2023 revealed that the prices of stamps in the United States remain lower compared to 31 other countries analyzed.

The proposed stamp price increase now rests in the hands of the Postal Regulatory Commission, whose decision will determine the future cost of mailing for millions of Americans.