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I was heard someone speak very passionately about why we need pennies. They were not entirely wrong, however, it is time to move

I was heard someone speak very passionately about why we need pennies. They were not entirely wrong, however, it is time to move | Remove it's status as official currency. Have banks pay for pennies, five cents on the dollar, that doesn't sound like a lot, but some people have between them nearly 1/3 of all pennies in circulation. Also, pennies are now a valuable collectors item as they are removed from circulation. How to eliminate the penny:; Me, realizing how powerful of a positive effect this would have on the world economy. | image tagged in memes,surprised pikachu | made w/ Imgflip meme maker
102 views 1 upvote Made by SezmoTheWorstForsyth 2 years ago in politics
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19 Comments
0 ups, 2y,
3 replies
No
[deleted]
0 ups, 2y,
1 reply
0 ups, 2y,
1 reply
What does anyof that have to do with the meme or my comment?
I didn't even mention Biden.
Why are you getting so mad at me for?
0 ups, 2y,
1 reply
You literally said Bidenflation. Quit lying.
0 ups, 2y,
2 replies
No, that was someone else. Look in the left-hand upper corner of the comment....see, right there. It says, quite clearly, that AmericanViking literally said "Bidenflation".
I am merryprankster, NOT AmericanViking.
Did you get all that?
[deleted]
0 ups, 2y,
1 reply
0 ups, 2y
This is imgflip. You post meme. People comment on said meme.

It
Is
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Have a better day
[deleted]
0 ups, 2y,
1 reply
0 ups, 2y
That is the oddest apology for one's own flub I've ever seen
[deleted]
0 ups, 2y,
1 reply
1 up, 2y
All I said was "No" to your proposal.
Get a grip.
0 ups, 2y,
1 reply
Oh and btw, why would you object to an idea that would do nothing but positive things for us, the government, and the world? Do you blindly love pennies that much? Do you not understand how much taxpayer money we would save, how this decreases inflation by increasing your spending power? No you don't clearly, or you would have a more rational objection than just "no". Go read Modern Money Mechanics. Go look up how much minting pennies costs us every year. Then you'll be qualified to agree or disagree.
1 up, 2y,
1 reply
Because I like pennies?
Because I like my monetary system to be left alone?
0 ups, 2y,
1 reply
You can keep your pennies and btw it is not your monetary system, it is everyone's. Removing the penny from circulation is the best move we have to increase purchasing power. It shrinks the money supply, making your money more valuable, your twenty bucks will be worth forty bucks just by getting rid of the penny. Only morons wouldn't want that.
0 ups, 2y,
1 reply
"your twenty bucks will be worth forty bucks just by getting rid of the penny."

That'a ridiculous, twenty bucks would be worth twenty bucks still,
except that by getting rid of the penny prices would have to be rounded to the nearest .10 or .05 which would of course be upwards which means inflation. Even if slight, ie $1.99 to $2, it still is up.

Plus that .99 gives consumers the illusion of less, making the price of whatever item more attractive and thus tempting to spend. That's why things are priced that way. Sure, you can price it $1.95, but that .04 lost adds up to a hefty chunk of cash by year's end for business and they're not in it to lose 4% of potential earnings.

Then there's taxes. NYC sales tax is 8.875%. Ok, rounding it up to 10 doesn't seem like much, but again, it adds up, then there's again there's the optics. It used to be 8%. Then it was 8.25. If they raise it again from 10% - and one day they will - it would have to be to 15%. That'd be nearly double what it was in the 1980s and people won't be liking that and officials won't get themselves reelected.

And once again in terms of optics, getting rid of the penny would be seen as a concession that our money is weaker. Eventually the nickel will walking the plank, and folks won't like that either. Consumer confidence = consumer spending. Just ask the aftermath of the Great Recession of 2008.

The penny may cost more to make then it's worth, but part of that calculation is transportion. A cheaper metal composition can help offset that, and it something the US Mint is experimenting with.
A dollar coin is more cost effective in the long term, but we're not switching because people are reluctanct and also because of lobbyists from the dollar bill 'paper' making company in Massachusetts. You'll have copper, nickel, and zinc interests hollering for the penny and politicians listen to them. That's why dollar coins tarnish so quickly and ugly, because of zinc and tin lobbyists getting some squeezed in...

Then finally there's tradition. We like the penny. We like a lot of seemingly outdated things. We were supposed to go metric decades ago (signed into law by Carter in 1976) but we simply didn't go along with it. Pennies may be practically worthless but people like them. That's why it's still around and not aluminum like was planned in 1973.
0 ups, 2y,
1 reply
All of that is bullshit and extremely selfish to boot. Good grief no wonder the world hates us.
1 up, 2y
Thing is reality doesn't quite care about your lack of understanding of basic facts and realities regarding something as simple as a penny, no matter how hard you try to deflect attention away from your ignorance.
0 ups, 2y,
1 reply
yup... Bidenflation affects everything
0 ups, 2y
You mean a two hundred year old economy that has deliberately mismanaged to keep power sealed in a corporate government circle jerk that Joe Biden and the person after him will continue to do nothing about.
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Remove it's status as official currency. Have banks pay for pennies, five cents on the dollar, that doesn't sound like a lot, but some people have between them nearly 1/3 of all pennies in circulation. Also, pennies are now a valuable collectors item as they are removed from circulation. How to eliminate the penny:; Me, realizing how powerful of a positive effect this would have on the world economy.