Sunday, November 13, 2011

Should We Make Cents?

Should we make cents?  This article describes the cost of the penny soaring above the actually worth of the penny and the costs the American citizens may face if the penny was eliminated.

"Every year, the U.S. Mint turns out eight billion shiny new pennies." To get this $80 million in pennies, the government is spending $134 million.  Most American's say they want to keep the penny.  Rounding up sales to the nearest nickel could cost American's $600 million per year. Because of this rounding, CBS's fans say, "A penniless America would leave the penniless truly penniless."

I think we should do away with the penny.  Even though saving $54 million per year is nothing compared to our nation's debt, it's a start.  Or else I think the government needs to rethink better ways to lower the costs of making the penny and nickel, even if a completely new design and size it what comes out of it.  I think that you could still use the penny on purchases made electronically, such as debit or credit cards, but eliminate it in cash transactions.  It may be weird at first, but American's will get used to it eventually.  They'll have to!

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