You can ignore authors, whether they are producing too much noise or being needlessly provocative, by clicking the yellow unhappy when reading their post.
- Manlobbi
Halls of Shrewd'm / US Policy❤
No. of Recommendations: 9
Trump Orders Treasury to Stop Minting Pennies
No. of Recommendations: 2
Trump Orders Treasury to Stop Minting Pennies
Just put Trump's head on them and sell then for 5 cents. :)
No. of Recommendations: 4
Just put Trump's head on them and sell then for 5 cents. :)
Well, with the price of copper, they were already costing about 2 cents to produce, so that’s not as farfetched as you might imagine.
In any event, credit where credit is due.
Trump has finally done one legal and constructive (though inconsequential) thing.
No. of Recommendations: 0
Trump has finally done one legal and constructive (though inconsequential) thing.
Gas prices all over the country will have to change signage!
(A good thing)
Pete
No. of Recommendations: 3
Well, with the price of copper, they were already costing about 2 cents to produce, so that’s not as farfetched as you might imagine.
Just for the record, currently 3.07 cents to produce and cents are made from zinc with a copper coating since 1982. Might want to hang on to your pre-1982 cents, although you’ll never get rich from them unless it’s a 1955 double die. 😃
No. of Recommendations: 1
Gas prices all over the country will have to change signage!
It depends. They could keep the current price ending in .99 and just round up/down the total amount due or they could mark up each gallon to an amount ending in 0 or 5.
No. of Recommendations: 3
It looks like Musk is letting Trump play with billions of pennies while he controls trillions of our dollars.
No. of Recommendations: 0
>>Trump Orders Treasury to Stop Minting Pennies<<
Just put Trump's head on them and sell then for 5 cents. :)
LOL, good idea, but we already have a nickel. Is it time to throw Jefferson into the dustbin of history since he was all racist and stuff?
No. of Recommendations: 4
I agree it's time for the penny to be retired. Are then any downsides?
One more "good" thing I think Trump should ordain: the end of Daylight Saving Time.
No. of Recommendations: 1
Trump has finally done one legal and constructive (though inconsequential) thing. - Bill
Have you ever noticed the inconsequential argument can be used to defend every damn Taxpayer dollar spent by the feds.
Oooh, look at me using "damn". I sure hope I am not turning into Turdrich.
Oooh, look at me again, I am twisting his name into something amusing yet derogatory. I really really hope I am not turning into a democrat.
No. of Recommendations: 2
It depends. They could keep the current price ending in .99...
I never understood how they got away with that. I can't pay .9 cents, so how can they charge that? If I put exactly one gallon, I won't be able to pay exact change (nor would a credit card do it). How is that even legal? Never made sense to me that they were allowed to do that.
And, obviously, they won't round down...it will always be up.
No. of Recommendations: 2
I agree it's time for the penny to be retired. Are then any downsides?
I haven't researched this at all, but I'm going to make a guess here. I'd be happy to be proven wrong.
My guess is that there is a lot of money to be made here, in aggregate, by rounding up transactions even a few pennies. It's not just a matter of us not having to carry around a couple pennies in our wallets. I mean, we're not talking just gasoline--it's all kinds of stuff, especially when you throw in sales tax that makes things uneven amounts even if the store prices them evenly.
I'm going to go out on another limb and guess that the extra money isn't going to go in favor of "the little guy". It's going to go in favor of the billionaires.
I think there's a lot of implementation issues here that need to be sorted out before just doing away with pennies. What if you're paying with a card? Or...bitcoin? Are we trying start down the road to go cashless? Is that a bad thing? I haven't researched the order at all, but I'm going to guess that like so many of Trump's orders so far, it is a hasty rush for publicity without doing much thinking through the ramifications, implementation issues and "unforeseen consequences".
No. of Recommendations: 2
I'm going to go out on another limb and guess that the extra money isn't going to go in favor of "the little guy". It's going to go in favor of the billionaires.
Well, the actual prices of things don't have to change do they Only if you want to pay in cash would prices be rounded up (most likely). For all electronic transactions, prices can still be $9.99, $9.97, etc.
No. of Recommendations: 2
I wrote: Well, the actual prices of things don't have to change do they Only if you want to pay in cash would prices be rounded up (most likely). For all electronic transactions, prices can still be $9.99, $9.97, etc.
And even then, pennies wouldn't suddenly become worthless. Whatever is in circulation would continue to be in circulation and usable for cash transactions until they wear out, which would take decades. So pennies could still be used for cash transactions for decades.
No. of Recommendations: 0
I haven't researched the order at all, but I'm going to guess that like so many of Trump's orders so far, it is a hasty rush for publicity without doing much thinking through the ramifications, implementation issues and "unforeseen consequences". - Carplan
----------------
I question the basic premise of Trumps proposal, which more or less is the value of the penny produced is less than the cost to produce it. While that it true if you limit value to its purchasing power in the retail economy. I take a more macro view that the humble penny facilitates inventory turns in the cash economy, an economy which is damn big. Not everyone uses apple pay and paypal. I suppose you could force the issue by just stopping and let the mom and pops deal with it but then the same problem just migrates up to the nickel which to produce costs 11 or 13.8 cents depending on your web search.
No. of Recommendations: 2
And even then, pennies wouldn't suddenly become worthless. Whatever is in circulation would continue to be in circulation and usable for cash transactions until they wear out, which would take decades. So pennies could still be used for cash transactions for decades.
The half cent was last minted in 1857 but was still circulating in the 1900s from what I hear.
No. of Recommendations: 2
It's not just a matter of us not having to carry around a couple pennies in our wallets.
Actually, it is. All that would be eliminated is the physical penny. At least that’s the way other countries have done when eliminating their similar coins. All the math stays the same. You still write checks and make electronic payments to the nearest $0.01. It’s only actual cash payments that would have to get rounded when neither party has pennies available.
—Peter
No. of Recommendations: 1
All that would be eliminated is the physical penny.
I did jump the gun in my assessment of what is going on. The penny is actually not being eliminated (yet). They're just wanting to stop making more of them. Which is the first step toward eliminating the penny, and it will be eliminated some day, and maybe we go entirely cashless.
My studied impression of Trump is that he doesn't do anything without it gaining him: a) more money, b) more fame, and/or c) more power. Not necessarily in that order (although they all can play off of each other). So far on this one I'm only seeing the more fame angle, although I suppose it also creates more power for him, or at least the impression of more power. I haven't seen any good conspiracy theories yet around why he wants to do this, so maybe it's legit. :-)
No. of Recommendations: 1
Actually, it is. All that would be eliminated is the physical penny. At least that’s the way other countries have done when eliminating their similar coins. All the math stays the same. You still write checks and make electronic payments to the nearest $0.01. It’s only actual cash payments that would have to get rounded when neither party has pennies available.
Huh? Why wouldn't you just stop minting new pennies and not touch the use of pennies in cash transactions? And of course non-cash transactions would remain able to use $0.01 precision the same as ever.
