Frankly the penny just costs way too much, so why not ban it? The penny costs more than it is worth. Millions of dollars are going to waste into producing them and it can just add the money up. The cost of producing and distributing one pennie is 2.4 cents(Sommer). Every penny that is made, taxpayers lose money.
Not only is the government losing money from the missing two-thirds, but it is also wasting money on workers. These workers would be more usefully employed tracking counterfeiters, instead of making 10 million pennies a day (Source C). There are areas in our government that could use more funding. If the penny goes, we will have extra money to keep our government up and
Source #4 paragraph four states that, “In 2011, it cost the U.S. Mint more than 2.4 cents to produce one penny. This has led many to argue that the penny is inflating the economy and should be eliminated.” It states again in paragraph four of Source #4 that, “Even though production costs are slightly lower today, the penny still costs the U.S. just over 1.8 cents to produce,” which means the great tax paying American citizens are paying for more than what is being
Income Inequality Income Inequality or “wage gap” is a big topic for freedom fighters and liberals for the simple fact that it isn’t equal for everyone. Because the wage gap is so prominent it's one of the biggest “facts” that discrimination is still apart of everyday American society. The wage gap from these radical interest groups think the economy is get a dollar take a dollar instead of a free flow economy. This misguided idea of the economy is absolutely not true and isn’t at the fault of the Government, but the people. One of the arguments used is that we could regulate and tax the 1% income because that would be “fair” but these numbers show how harmful that way of thinking is.
Historians state that the penny is part of American history, but most people aren’t interested in the history of a coin. Another claim is that by removing the penny, prices, for everything would severely increases, though it would be increased or decreased to the nearest fifth(Source 4). People have said that if you ask for something higher than a penny they would refuse but if you asked for only pennies they would give them away. (Source3) people say this because they know how worthless the penny is. Therefore arguments to keep the penny are easily countered with many reasons to remove the
Politics are run off of money. A poor person does not have a chance to run for an office because they have no time or money too, even if they would be a better fit for the office. Social prejudices that are exemplified in Unwind, tithes are better than terribles, corrupt governments
(Szostak 22) The unemployment was u.s.a. trying to save some money, but it just made it worse. The stock market crashed and made the bank panic for money(Dewald 249). That is a problem because, they have no money to spend. The goods made the U.S.A. run
As many state that refugees are a burden, there is a very good reason to believe that these refugees will contribute more to the world economically than they will yield from it. Countries are refraining from taking in these people because they feel it will ruin their economy, destabilize their society, degrade the
“ The border is why taxpayers pay high taxes. If one mile of fencing cost the government one million dollars, where do you think the government is getting that money? The wall is the reason why U.S is dividing, because taxpayers did not want this debt for the country and for themselves.” much this was true in a way, considering that the government did put this useless debt on the people of the U.S. Maybe the percentage of people immigrating to the U.S. has decreased, but that does not mean people still do not come in. in my opinion, border security is not working and it is costing people money. Furthermore, border security makes the community feel uncomfortable.
Price elasticity of demand (PED) should be relatively lower than price elasticity of supply (PES); in this case, the tax incidence on consumers, being important stakeholders is greater than the tax incidence on producers as consumers are unresponsive to changes in price, producers can pass on a relatively large burden of tax onto the consumers as they’re unresponsive. The economic incidence indicates the extent to which someone is made worse off by the
The penny has been used in many day to day scenarios and is recognized throughout history and even dates back to the Frankish Empire. However, many people see the penny as useless and not cost-effective. The reasoning behind this thinking is that the penny cost more to produce than its actual value, and they take up too much space and time. The cost of pennies is causing a lot of unwanted debt due to pricing for the materials. The United States mint confirmed in 2014 that,”...each zinc and copper coin costs 2.41 cents to produce and distribute”(Sommer, 4).
“The time has come to abolish the outdated, almost worthless, bothersome, and wasteful penny,” says William Safire. The coin today is not worth what it was before, and very few items can be purchased with the penny. Also, the cost to produce and ship the penny through the country cost more than it is worth. Reason one as to why the penny should be eliminated because in today 's world nothing can be purchased with a penny. According to William Safire, in 1950 a penny would buy what a dime would buy today.
As for the cons, it is said that the redistribution of income or wealth goes against what the American economy stands for in a sense of a free capitalism. It is sort of the opposite of the pros in a way. You see when redistribution is taking place, big businesses and the wealthy are unable to create businesses, and hire. It acts as a cinder block in a way that it can bring the economy down. One last note regarding cons is that many despise redistribution because they feel they are forced to give their hard earned money away and that it promotes laziness even.
In the event that the 1 percent had less, a greater amount of the 99 percent of Americans would not be getting kicked out of their homes or needing to battle to pay rent on account of the absence of cash. In light of the crevice between the wealthiest and the rest, individuals are stressed over the out of line economy dispossessing their future. As stated in the article " We are the 99 percent" they mention how the middle and poor class are getting noting while the 1 percent is getting everything. How unfair is
The american people, according to John Steinbeck’s article, have not achieve the american Dream because of money and gov actions. One reason that the american’s are not reaching the american dream is money. Money is a reason because “ we americans will buy anything we seen on the T.V.” The other reason that the american is failing is because of gov actions. “a man beaten brutally by the policeman”. I myself buy new a lot of new things advertised