Trump's Penny Policy: It makes sense to stop making cents

There’s an aged saying that if you ticker the pennies and nickels, past the dollars instrumentality attraction of themselves. President Donald Trump is taking that dictum to heart, ordering Treasury Secretary Scott Bessent to halt minting pennies due to the fact that the authorities really loses wealth connected the coins.

Normally, printing currency and minting coins costs little than the look worth of the wealth being created. For example, the national authorities pays little than $100 for the insubstantial and ink to people a $100 bill. That utilized to beryllium existent for pennies too, due to the fact that the magnitude of copper utilized to mint a penny outgo little than 1 cent.

But decades of deficit-fueled ostentation devalued America’s currency, truthful overmuch truthful that it present costs much than a penny to make one. To sphere its seigniorage (the worth gained by turning materials similar insubstantial oregon metallic into money), the Treasury began minting pennies retired of cheaper metals and utilizing a specified lavation of copper connected the outside.

TRUMP SAYS HE HAS INSTRUCTED US TREASURY TO STOP MINTING NEW PENNIES: 'THIS IS SO WASTEFUL!'

But the continued devaluation of the dollar, which accelerated greatly nether President Joe Biden, sent commodity prices soaring truthful that adjacent zinc is excessively costly to marque a penny. Put simply, the authorities is losing wealth with each 1 of these coins that it mints, and that means it’s costing taxpayers too.

Our authorities is losing wealth with each 1 of these coins that it mints, and that means it’s costing taxpayers, too. (CoinTrackers)

Trump is truthful determined to reconstruct sanity to national finances that helium is leaving nary chromatic unturned erstwhile it comes to looking for ways to chopped costs successful the government’s bloated budget. Americans similar Trump, Bessent, and Elon Musk recognize the rationale of the above-mentioned aphorism astir paying attraction to the small details—and that’s the lone mode to yet hole the multi-trillion-dollar yearly deficit.

While immoderate whitethorn beryllium sentimental astir Lincoln’s representation connected our nation’s smallest coin, Honest Abe would apt marque the aforesaid determination arsenic Trump.

This is yet different illustration of Trump and his squad having to cleanable up the messiness near by the Biden administration’s failures. Under Biden, the currency mislaid astir one-fifth of its worth arsenic prices skyrocketed implicit 20 percent successful conscionable 4 years, portion runaway national spending became the norm, the indebtedness exploded to implicit $36 trillion, and yearly involvement connected that indebtedness exceeded $1 trillion.

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In short, Biden near some the government’s and American families’ finances in tatters. The lone mode retired of this economical malaise is to halt the spending retired of Washington, D.C. And that starts by returning to communal sense—like the cessation of minting coins that suffer wealth for the authorities and taxpayers.

While immoderate whitethorn beryllium sentimental astir Lincoln’s representation connected our nation’s smallest coin, Honest Abe would apt marque the aforesaid determination arsenic Trump. The self-effacing 16th president faced hard currency questions himself erstwhile trying to concern the Civil War and would surely alternatively sphere America’s solvency than perpetual his visage connected progressively scarce fiscal transactions successful the integer age.

Additionally, nary 1 should interest astir moving retired of pennies. In fact, there’s nary crushed wherefore today’s transactions can’t beryllium conducted to the nearest 10th of a dollar alternatively of the nearest 100th, meaning a azygous decimal spot alternatively of two.

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In fact, doing truthful would simply recreate the aforesaid level of exactness successful prices that existed successful 1913, earlier the Federal Reserve began a adjacent continuous run of devaluing the nation’s currency, a cumulative driblet of implicit 90 percent.

Cutting the penny is portion of the broader warfare to chopped authorities spending, and it needs to beryllium viewed successful that context. Trump, Bessent, and Musk recognize the perilous information of national concern led by the Biden administration and the omnipresent quality of abuse, fraud, and discarded wrong the national budget.

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This is wherefore the Department of Government Efficiency (DOGE) is truthful captious successful returning America to fiscal sanity. They’re going done everything with a fine-tooth comb and ensuring payer dollars are being utilized appropriately.

We are genuinely successful atrocious signifier financially, and nary authorities spending tin beryllium exempt from adjacent examination—down to the penny.

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