The complete waste of time and money spent producing these pennies just to be forgotten in the couch cushions is astounding. If every penny is 1.8 cents to produce than the government is giving away 800 million USD every single year. The same article says, “...10 million new useless items punched out by government workers who could be more usefully employed tracking counterfeiters.” In other words, the government isn’t only wasting money on penny production but, also a working staff. U.S. currency could be more protected if it wasn’t for the pesky penny.
700 million dollars isn 't worth the one cent piece, we could be using this money on charity or something else important. Though the penny has been part of the U.S for more than a hundred years, it should not be minted anymore because of the high production cost and other countries such as canada don 't even bother using them at all. People argue that the penny should stay because of its long time and history with the US, but what they don 't know is that the penny cost more than 2.4 cents per penny. “The US Mints budget in 2010 was 27.4 million dollars in penny production”(source 1). The time wasted counting money could add up to over 700 million dollars, this money could be spent on something important.
Don’t you hate when your taxes go to making useless pennies or when they take up space in a mess. Even though people think pennies are helpful they are not because they cost 2.41 to make just one. For years the Unites States have been discussing if we should get rid of the penny. Pennies shouldn’t be made in the United States. Source 1 states, other countries have got rid of the penny and were successful.
For many years people have been fighting to eliminate pennies for many reasons. One of the most popular reasons to eliminate pennies is that pennies cost more to produce than the actual worth of the penny. “The united States government lost $60.2 million on production and distribution of pennies in 2011,” (Sommer) wrote, source #1. (Sommer) also wrote that Each zinc and copper coin cost 2.41 cents to produce and distribute”. Meanwhile a penny is only worth 1 cent.
These fees can be hundreds of dollars putting them even more in debt. The Affordable Care Act has helped millions of people and there are many great features to it. But, Obamacare is not enough and it is not the solution. Politicians need to continue to come together to find a happy medium.
Pennies cost more than they 're worth, and the United States should cease production to due this fact. According to Source #1, the U.S. penny costs 2.41 cents to produce one penny. That 's is over two times of what it can pay for. In 2011, the governments taxpayers lost $60.2 million on the production and distribution of pennies. The year prior— 2010— taxpayers lost $27.4 million, and in 2009, they lost $19.8 million (Source #1).
There was approximately $12 million in foreign debt, $44 million owed to the various Colonies by the Second Congress, and roughly $25 million in state debts (Economic state, 2015, para. 3). There was no mechanism in place to help the individual states pay off their debts. Other aftermaths included losing protection of British ships as the Americans attempted to resume world trade, and an unwillingness on the part of the British to let Americans trade anywhere in their still formidable trade empire. All of this coupled with a rapid decline in demand of wartime products led to widespread inflation and unemployment in the early years of the
One common myth that society has about poverty is that those who live at poverty level are uneducated individuals, this is just not true. In 2012, approximately 1.1 million people who made less than $25,000 a year, worked full time, and were heads of households has a bachelor’s degree (Eichelberger, 2014). Another common myth is that people who live at poverty level and receive assistance are bankrupting the nation, again this is another myth. In 2012, total welfare funding was 0.47% of the federal budget (Eichelberger, 2014). There are some in the society that even believe that we as a country are winning the war on poverty and that there are less American’s living at or below the poverty level.
Getting corrective dentistry and dental treatment in a few sections of the world, particularly in rich nations of the created world, can be amazingly costly, paying little respect to whether you have entry to any type of dental scope. In a review (1999-2004), it has been uncovered by the National Health and Nutrition Examination Survey (NHANES) that 3.75% of grown-ups between the age of 20 and 64 have no remaining teeth. Starting 2010, almost 45 million Americans needed dental protection, as indicated by the US government office CDC's insights. Numerous center wage and uninsured individuals maintain a strategic distance from their dental specialist arrangements because of high expenses than agony.
Can poverty be eradicated? Poverty is lack of money to the point that the individual cannot afford their basic needs. There are two types of poverty, which are absolute and relative. Absolute poverty is lack of basic needs for a long period of time that puts your life in danger, which opposes with relative poverty, which covers the vital and biological needs like food, clean water, and basic housing. (poverties.org, 2011)
Hard-working Americans will be significantly affected if the penny is abolished. If we get rid of the penny, the rounding system will then be put into use. The rounding system will work like this. If an item is $5.96, it will then round up to the nearest nickel, so the price will go up to $6.00. Those extra cents may not seem like a lot, but Professor Raymond Lombra of Pennsylvania State University, estimates that those ‘extra cents’ could result in a total of $600 millions dollars a year being spent.
The penny is the Unites States’ lowest denomination coin, and there are some people who believe it should be abolished. On the other hand, there are people who advocate for the penny to keep its place in our economy and I couldn't agree more. The penny may be annoying, but it plays an important role in our economy, is popular among most people, and is an important piece of symbolism. Some say that the penny is completely useless, and though it may seem that way, the penny is probably way more important than many people realize.
How significant is the penny for you? In the 1970’s, two pennies would buy a newspaper from the street vendor. These days, people don’t even bother picking up pennies off the street. Should the penny be retired? The penny was the first currency of any type authorized by the United States, and for over two centuries, the penny's design has symbolized the spirit of the nation.
Should Penny Pinchers Continue Pinching the Pinching Penny? The American penny has had a long and significant life, and many popular quotes like “penny for your thoughts” and “to pinch a penny” has resulted from this history. But the penny’s long history is no excuse for keeping it, as the penny has now become a useless object. To illustrate, for a choice between one million pennies and one million dollars, the obvious decision would be one million dollars.
The penny, serving as the United States' lowest denomination, should not be abolished. Pennies are often ignored, or regarded as inconsequential in the grand scheme of life. However, considering the ties between the public's perception of currency and their confidence in the American economic system, it is clear that the penny is indispensable. It is both a vital part of economic transactions and a reminder of American history. The penny represents the metaphorical golden age of the United States.