Will Obama Try To Stop Minting The Penny Once and For All?
Written by Instinct Staff |
Monday, 18 February 2013
|Tags: penny, mint, lincoln, 2.4 cents, obama, money, deficit, budget, the week|
Is Presidents' Day really the time to start talking about killing Lincoln again? Poor Abe. But it's a slooooww holiday Monday (for many) and a back-to-the-grind-as-usual day for us, so we ponder the important stuff.
And since we do, we thought we'd look at the debate over the penny because it looks like the penny may actually be on its way out of circulation once and for all because President Obama thinks it's a good idea.
Each penny costs the U.S. government 2.4 cents to mint and put in circulation, so it only make cents, um, sense to kill the penny, right? After all, it costs more to make than its ultimate worth.
Well, that depends on whom you ask.
Last week Obama said: “Any time we’re spending money on something people aren’t going to use, that’s something that should change.”
Our prez does point out that there are more important things facing the country at the moment, so putting the penny to bed may not be a top priority. But with all this talk of the deficit and fiscal cliffs doesn't doing away with the once-copper coin just make economical sense?
One of out favorite pubs The Week has a whole story on the trials and tribulations of the Great Penny Debate. Give it a read here. And give us your two cents (sorry, we couldn't resist).