Kill The Penny - Save Millions of $$$

Political discussions
User avatar
Col Hogan
Supporter
Supporter
Posts: 11361
Joined: Tue Jul 17, 2007 9:29 am
I am a fan of: William & Mary
Location: Republic of Texas

Kill The Penny - Save Millions of $$$

Postby Col Hogan » Fri Aug 30, 2019 8:11 am

I can’t post a source on this information because I got it in an email that I won’t share...so take it for what it’s worth...Information only.

What's the easiest way to make money in the world? To me, the answer is printing money.

I mean it...

If you print a bill that says "$100" on it (and people accept that it's worth $100), then what's your profit on printing that bill?

What are your costs to produce it? Basically, some green ink and some paper. So your profit on printing a $100 bill should be something darn near, well, $100.

It's the easiest money on earth.

So it's truly stunning to me that our government could somehow manage to lose money in the business that is the easiest way to make money on earth...

I'm specifically talking about the penny – one U.S. cent.

It actually costs our government more than two cents to make a penny. Can you believe it?

For the specifics... In 2018 alone, the U.S. Mint produced more than 8 billion pennies (yes, billion). That's $80 million worth. The problem is, it cost $166 million to make those pennies.

In short, the U.S. government lost more than $85 million in the process of producing $80 million worth of pennies.

Let's get rid of the penny. I'm serious.

Canada got rid of its penny in 2012. And heck, who even noticed? I go to Canada every year... And I hadn't even noticed.

Electronic payments in Canada still account for the penny. But you round to the nearest five cents when using cash. No big deal.

At U.S. military bases overseas, they don't accept pennies. Instead, they round up to the nearest nickel at the base-exchange stores.

Heck, even in the U.S. we got rid of the half-cent in 1857, when it was worth more like 10 cents today due to inflation.

So if we already got rid of the dime (so to speak) in 1857, why stop at the penny today? A nickel costs 7.5 cents to produce today. We lose money on them, too.

Between the penny and the nickel, the U.S. government lost $120 million in 2018 alone in minting these coins, as the costs exceeded their value.

This idea was actually floated in Congress. Former President Barack Obama was for it. He said, "One of the things you see chronically in government is it's very hard to get rid of things that don't work so that we can then invest in the things that do."

This bill was introduced in 2017. It was read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs. That's the last we heard of it.

Meanwhile, the U.S. government has lost money every year for the last 13 years producing the penny.

Ridiculous!

If you agree with me – and you want our country to stop losing $85 million a year from minting pennies – then the best you can do is let your representatives in Congress know.

Heck, go straight to the top... Let President Trump know...

He's "Mr. Money," right? Wouldn't it be fitting for Mr. Money to get rid of the penny?

I know that a large number of people disagree with me on this. But it's already working just fine in Canada, and on our overseas bases, among other places.

Most importantly, I can think of a heck of a lot better uses for $85 million than losing it by spending two cents to create something worth one cent.

The U.S. government should be embarrassed about this... and it should want to make the problem disappear. In this case it's incredibly easy to do... Just stop. Stop spending two cents to create something that's worth one cent.

Done. Easy.
“Tolerance and Apathy are the last virtues of a dying society.” Aristotle

Malo periculosam, libertatem quam quietam servitutem.

∞∞∞
Level5
Level5
Posts: 10022
Joined: Thu Aug 13, 2009 7:30 am

Re: Kill The Penny - Save Millions of $$$

Postby ∞∞∞ » Fri Aug 30, 2019 8:14 am

I'm ok getting rid of the penny (and nickel).

You can just change their values too (3 cents/6 cents); inflation would be minimal.

User avatar
93henfan
Supporter
Supporter
Posts: 52657
Joined: Wed Jan 07, 2009 9:03 pm
Location: Slower Delaware

Re: Kill The Penny - Save Millions of $$$

Postby 93henfan » Fri Aug 30, 2019 8:21 am

No need for the penny or dollar bill.

I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.

Of course, a credit card or phone app is faster yet. :thumb:
"Hell yes we're going to take your AR-15" - the democrats

User avatar
CAA Flagship
4th&29
4th&29
Posts: 34115
Joined: Mon Aug 24, 2009 5:01 pm
I am a fan of: Old Dominion
A.K.A.: He/His/Him/Himself
Location: Pizza Hell

Re: Kill The Penny - Save Millions of $$$

Postby CAA Flagship » Fri Aug 30, 2019 8:45 am

93henfan wrote:No need for the penny or dollar bill.

I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.

Of course, a credit card or phone app is faster yet. :thumb:

:tothehand: I use dollar bills for strippers. Where would they put a $1 coin?

User avatar
dbackjon
Moderator Team
Moderator Team
Posts: 42799
Joined: Sat Jul 14, 2007 9:20 am
I am a fan of: Northern Arizona
A.K.A.: Killer Snail
Location: Scottsdale

Re: Kill The Penny - Save Millions of $$$

Postby dbackjon » Fri Aug 30, 2019 9:11 am

Get rid of it
Image
Image

User avatar
93henfan
Supporter
Supporter
Posts: 52657
Joined: Wed Jan 07, 2009 9:03 pm
Location: Slower Delaware

Re: Kill The Penny - Save Millions of $$$

Postby 93henfan » Fri Aug 30, 2019 9:18 am

CAA Flagship wrote:
93henfan wrote:No need for the penny or dollar bill.

I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.

Of course, a credit card or phone app is faster yet. :thumb:

:tothehand: I use dollar bills for strippers. Where would they put a $1 coin?


Right in the balloon knot.
"Hell yes we're going to take your AR-15" - the democrats

User avatar
BDKJMU
Level5
Level5
Posts: 15316
Joined: Wed Jul 01, 2009 6:59 am
I am a fan of: JMU
A.K.A.: BDKJMU
Location: Philly Burbs

Re: Kill The Penny - Save Millions of $$$

Postby BDKJMU » Fri Aug 30, 2019 10:14 am


Ivytalk
Supporter
Supporter
Posts: 22679
Joined: Thu Mar 19, 2009 6:22 pm
I am a fan of: Salisbury University
Location: Republic of Western Sussex

Re: Kill The Penny - Save Millions of $$$

Postby Ivytalk » Fri Aug 30, 2019 11:00 am

Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.
Anything I post passes any rational test. — John StOnge 7/12/19

User avatar
Chizzang
Level5
Level5
Posts: 17809
Joined: Mon Apr 20, 2009 7:36 am
I am a fan of: Deflate Gate
A.K.A.: The Quasar Kid
Location: Soon to be Eden Prairie...

Re: Kill The Penny - Save Millions of $$$

Postby Chizzang » Fri Aug 30, 2019 12:11 pm

Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.


$2.50 !!!!!!!!!!!!!!!!!!!!!
Where do you live - Houston ?

:shock:
Q: Name something that offends Republicans?
A: The actual teachings of Jesus

User avatar
CAA Flagship
4th&29
4th&29
Posts: 34115
Joined: Mon Aug 24, 2009 5:01 pm
I am a fan of: Old Dominion
A.K.A.: He/His/Him/Himself
Location: Pizza Hell

Re: Kill The Penny - Save Millions of $$$

Postby CAA Flagship » Fri Aug 30, 2019 12:32 pm

Chizzang wrote:
Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.


$2.50 !!!!!!!!!!!!!!!!!!!!!
Where do you live - Houston ?

:shock:

I just passed a station at $2.26.
Maybe you need to think about where YOU live. :coffee:

Ivytalk
Supporter
Supporter
Posts: 22679
Joined: Thu Mar 19, 2009 6:22 pm
I am a fan of: Salisbury University
Location: Republic of Western Sussex

Re: Kill The Penny - Save Millions of $$$

Postby Ivytalk » Fri Aug 30, 2019 1:58 pm

Chizzang wrote:
Ivytalk wrote:Also, remind the fvcking oil companies that you don’t charge for gas by the tenth of a cent. $2.49.9 per gallon? Fvck that. Round up to $2.50.


$2.50 !!!!!!!!!!!!!!!!!!!!!
Where do you live - Houston ?

:shock:

No. Just picked numbers out of the air. Closer to $2.35 here.
Anything I post passes any rational test. — John StOnge 7/12/19

User avatar
Chizzang
Level5
Level5
Posts: 17809
Joined: Mon Apr 20, 2009 7:36 am
I am a fan of: Deflate Gate
A.K.A.: The Quasar Kid
Location: Soon to be Eden Prairie...

Re: Kill The Penny - Save Millions of $$$

Postby Chizzang » Fri Aug 30, 2019 3:21 pm

Ivytalk wrote:
Chizzang wrote:
$2.50 !!!!!!!!!!!!!!!!!!!!!
Where do you live - Houston ?

:shock:

No. Just picked numbers out of the air. Closer to $2.35 here.


:ohno:

I can't get out of Seattle fast enough
Q: Name something that offends Republicans?
A: The actual teachings of Jesus

User avatar
CID1990
Level5
Level5
Posts: 21041
Joined: Mon Jul 16, 2007 7:40 am
I am a fan of: Pie
A.K.A.: CID 1990
Location: กรุงเทพมหานคร

Re: Kill The Penny - Save Millions of $$$

Postby CID1990 » Fri Aug 30, 2019 3:38 pm

93henfan wrote:No need for the penny or dollar bill.

I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.

Of course, a credit card or phone app is faster yet. :thumb:


Several years back El Salvador dumped their own currency and went to the US dollar. What was cool about living there was I never had to exchange money.

El Salvador does not import 1 dollar bills though. There is no mechanism to unload them when they are worn out. So El Sal uses the dollar coin only.

I thought it was going to be a pain in the ass but I quickly became a proponent of getting rid of the dollar bill. I had just fives and up in my wallet, and I never had to pull it out when buying a six pack.


Sent from my iPhone using Tapatalk
"You however, are an insufferable ankle biting mental chihuahua..." - Clizzoris

User avatar
Ibanez
Supporter
Supporter
Posts: 50621
Joined: Fri Jul 13, 2007 5:16 pm
I am a fan of: Coastal Carolina

Re: Kill The Penny - Save Millions of $$$

Postby Ibanez » Fri Aug 30, 2019 3:49 pm

BDKJMU wrote:https://championshipsubdivision.com/forums/viewtopic.php?f=10&t=50018&p=1231797&hilit=penny#p1231797

Of course you posted this....:


Sent from my iPhone using Tapatalk
Turns out I might be a little gay. 89Hen 11/7/17

User avatar
93henfan
Supporter
Supporter
Posts: 52657
Joined: Wed Jan 07, 2009 9:03 pm
Location: Slower Delaware

Re: Kill The Penny - Save Millions of $$$

Postby 93henfan » Fri Aug 30, 2019 5:07 pm

Ibanez wrote:
BDKJMU wrote:https://championshipsubdivision.com/forums/viewtopic.php?f=10&t=50018&p=1231797&hilit=penny#p1231797

Of course you posted this....:


Sent from my iPhone using Tapatalk


I didn't mind getting BDKlinked there. I was remarkably consistent in both posts. Canada has a superior system to us for legal tender.
"Hell yes we're going to take your AR-15" - the democrats

User avatar
css75
Level2
Level2
Posts: 2220
Joined: Wed Jan 24, 2018 10:45 pm

Kill The Penny - Save Millions of $$$

Postby css75 » Sun Sep 01, 2019 2:15 pm

93henfan wrote:No need for the penny or dollar bill.

I really like the way Canada does it. No penny (since 2012). No dollar bill (since 1989). $1 and $2 coins make things much faster.

Of course, a credit card or phone app is faster yet. :thumb:



I agree with this, it is one of the few things Canada does better than us.


Sent from my iPad using Tapatalk

User avatar
Vidav
Moderator Team
Moderator Team
Posts: 10528
Joined: Mon Dec 07, 2009 2:42 pm
I am a fan of: Montana
A.K.A.: The Russian
Location: Missoula, MT

Re: Kill The Penny - Save Millions of $$$

Postby Vidav » Sun Sep 01, 2019 5:36 pm

93 had something to do with this:
Image

JoltinJoe
Level4
Level4
Posts: 6491
Joined: Sun Jul 15, 2007 6:42 pm

Re: Kill The Penny - Save Millions of $$$

Postby JoltinJoe » Mon Sep 02, 2019 3:35 pm

So it costs two cents to make a penny? Gives new meaning to "a penny saved is a penny earned."


Return to “Politics”

Who is online

Users browsing this forum: MSN [Bot] and 70 guests