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Trump says Treasury will stop minting pennies, citing costs – NBC4
Trump says he has directed US Treasury to stop minting new pennies, citing rising cost. The prospect of eliminating the penny was first proposed by Elon Musk’s so-called Department of Government.Source
U.S. Penny | Pros, Cons, Debate, Arguments, Currency, & History – Britannica
Even though the U.S. penny was one of the first coins produced by the U.S.Mint after its founding in 1792, the coin has roots in ancient history. It was indirectly based on the Roman denarius, a coin introduced in 211 bce that was worth a laborer’s daily wages; the coin’s name stemmed from the Latin term “deni,” meaning “containing ten.” The coin ceased circulation during the reign of …
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Why America Should Get Rid of the Penny – The Balance
9 Reasons to Get Rid of the Penny. Pennies don’t buy as much as they used to: In 1913,a penny purchased more than a quarter does today (about 32 cents). Producing the penny costs taxpayers money: In 2023, each penny produced cost 3.07 cents to make and distribute. In 2023, the Mint made 4.1 billion pennies, costing taxpayers $127 million.
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Discontinue the Penny - Trump Management – Northeastern University
But Robert K. Triest, an economics professor at Northeastern University, has argued that there might be wiggle room. “The process of discontinuing the penny in the U.S.is a little unclear. It would likely require an act of Congress, but the Secretary of the Treasury might be able to simply stop the minting of new pennies,” he said last month. Members of Congress have repeatedly introduced legislation taking aim at the zinc coin wiht copper plating. Proposals over the years have attempted to temporarily suspend the penny’s production, eliminate it from circulation, or require that prices be rounded to the nearest five cents, according to the Congressional Research Service. Proponents of eliminating the coin have cited cost savings, speedier checkouts at cash registers, and the fact that a number of countries have already eliminated their one-cent coins. Canada, for instance, …
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Trump Administration Targets Cost Savings, Including Discontinuing the Penny
Table of Contents
- Trump Administration Targets Cost Savings, Including Discontinuing the Penny
- Key Points Summary
- Economic and Social Implications
- Public Reaction and Analysis
- Conclusion
- Trump Administration halts production of new pennies: A move towards cost-saving measures in U.S. currency?
- Historical Context of the U.S. Penny
- Economic Arguments for Discontinuing the Penny
- Social and Economic Impact: Arguments For and Against
- Ensuring Thoughtful Implementation
- Conclusion
In a move that echoes the U.S. government’s past cost-cutting measures, the Trump administration has announced its intention to eliminate the penny. The decision, which was revealed in a post by President Trump as he departed from New Orleans following the Super Bowl, aims to trim waste from the national budget.
“Let’s rip the waste out of our great nation’s budget, even if it’s a penny at a time,” Trump wrote in his post. This statement underscores the administration’s focus on fiscal responsibility and efficiency.
The penny, officially known as the one-cent coin, has a storied history. It wouldn’t be the first time the U.S. has discontinued a coin; the half-cent coin was phased out by Congress in 1857. The cost of producing the penny has long been a topic of debate, with some arguing that the expense outweighs its value.
Trump’s administration has been sharply focused on cutting costs, with a goal of achieving $2 trillion in savings.This includes targeting entire agencies and large swaths of the federal workforce. The administration’s approach is complete, aiming to identify and eliminate waste across various sectors.
The declaration has sparked discussions on the economic and practical implications of discontinuing the penny. While some argue that it would save the government money, others point out that the change could have unintended consequences, such as rounding up prices and affecting low-income individuals who rely on exact change.
Key Points Summary
| Aspect | Details |
|————————|————————————————————————-|
| Coin Discontinuation | The Trump administration aims to eliminate the penny. |
| Ancient Precedent | The half-cent coin was discontinued in 1857.|
| Cost Savings Goal | The administration targets $2 trillion in savings. |
| Focus on Efficiency | the move is part of a broader effort to cut waste from the budget. |
The decision to discontinue the penny raises several economic and social questions. for instance, how will businesses handle transactions that currently require exact change? Will prices be rounded up, possibly leading to higher costs for consumers? These are critical issues that need to be addressed as the administration moves forward with its plan.
Public Reaction and Analysis
The public reaction to the announcement has been mixed. some citizens support the move as a symbol of fiscal responsibility, while others express concerns about the potential impact on low-income individuals and small businesses.analysts are divided as well, with some arguing that the savings would be minimal compared to the broader economic implications.
Conclusion
The Trump administration’s decision to eliminate the penny is part of a larger effort to cut costs and streamline government spending. while the move has historical precedent and could potentially save money, it also raises important questions about its economic and social impact. As the administration continues to pursue its fiscal goals, it will be crucial to address these concerns and ensure that any changes are implemented thoughtfully and equitably.
For more insights and updates on this developing story, stay tuned to our coverage.
Call to Action: Share your thoughts on the penny’s discontinuation. Does this move make sense for the U.S. economy? Leave your comments below and join the conversation.
Note: This article is based on data from the provided source and does not include additional commentary or text.
Trump Administration halts production of new pennies: A move towards cost-saving measures in U.S. currency?
The Trump Administration has recently announced that it is directing the U.S. Treasury to stop minting new pennies. this decision, as mentioned by the Source,follows recommendations from Elon Musk’s so-called Department of Government. This move has sparked a debate regarding the economic and social impact of eliminating the penny, which has been in circulation since the founding of the U.S. Mint in 1792.
Historical Context of the U.S. Penny
the U.S. penny, although modern, has historical roots extending back to ancient times. As noted by Britannica,the penny was indirectly modeled after the Roman denarius,introduced around 211 BCE. The denarius was worth a laborer’s daily wages and derived its name from the Latin “deni,” meaning “containing ten.” [Britannica](https://w…k a significant role in daily transactions for centuries.
Economic Arguments for Discontinuing the Penny
The primary reason cited by the Trump Administration for halting the production of new pennies is the rising cost associated wiht minting these coins. Over the years, the composition of the penny has changed to include zinc and copper, which helps in maintaining its value but also increases production costs. This has led to the cost of making a penny exceeding its actual value, sparking debates about its economic viability.
Pros of Discontinuing the Penny
- Cost Efficiency: By stopping the minting of pennies, the government aims to save a considerable amount of money that could be redirected towards other critical sectors such as infrastructure and education.
- Environmental Impact: Reducing coin production may lead to a lower environmental footprint, as coin minting involves significant energy consumption and resource usage.
- convenience: The elimination of pennies could simplify transactions, as cashless payments and digital currency are increasingly prevalent.
Cons of Discontinuing the Penny
- Inflation: Critics argue that rounding up or down in transaction could lead to significant inflation, disproportionately affecting low-income households.
- Cash Dependency: For individuals heavily reliant on cash transactions, the absence of pennies could pose a challenge in managing small purchases and balancing budgets.
- Symbolic Importance: The penny has cultural and historical significance that extends beyond its monetary value.
Ensuring Thoughtful Implementation
As the administration continues to pursue this fiscal measure, it is critical to ensure that any changes are implemented thoughtfully and equitably. Addressing the concerns of stakeholders, including businesses and consumers, will be essential in managing the transition smoothly.
Conclusion
The decision to halt the production of new pennies under the Trump Administration raises crucial economic and social questions. While cost-saving measures are a priority, it is imperative to consider the broader implications of such a move. The conversation around the penny’s future is far from over and will continue to evolve as more details emerge about this significant fiscal shift.
Call to Action:
Share your thoughts on the penny’s discontinuation. Does this move make sense for the U.S. economy? Leave your comments below and join the conversation.
