Obama: Eliminate the Penny

[green73]

President Obama on Thursday said he supports eliminating pennies, but that it’s unlikely to happen because it’s so low on the list of congressional priorities.

In a Google Plus “Hangout,” Obama was asked why the U.S. Treasury continues to mint pennies even though the cost to mint them is more than they’re worth.

“I got to tell you, I don’t know,” Obama said. “It’s one of those things where people get attached emotionally to the way things have been.”

The president said the penny was a good metaphor for other inefficiencies in Washington that become institutionalized.

“Any time we’re spending money on something people aren’t going to use, that’s something that should change,” Obama added.

He argued he has asked Congress for the authority to reorganize inefficient agencies to perpetuate a more modern federal infrastructure, but said until Congress grants him that authority, it was up to them to act on eliminating the penny.

“The penny is something I need legislation for, and frankly given all the big issues, we’re not able to get to it,” he said.

http://thehill.com/blogs/blog-briefing-room/news/283311-obama-favors-sacking-the-penny

[Zippyjuan]

The president said the penny was a good metaphor for other inefficiencies in Washington that become institutionalized.

“Any time we’re spending money on something people aren’t going to use, that’s something that should change,” Obama added.

He argued he has asked Congress for the authority to reorganize inefficient agencies to perpetuate a more modern federal infrastructure

Interesting. Sounds a little like something Ron Paul might have said.

[paulbot24]

The one thing that he actually "allows" Congress to be responsible for.....the fucking penny. How he loves his metaphors. "Here's what I trust Congress with kid", and hands the kid a penny. How classy.

[green73]

Interesting. Sounds a little like something Ron Paul might have said.

Ron Paul would say why the penny costs more to produce than it is worth. He'd mention the Fed.

[ronpaulfollower999]

Keep the pennies circulating for a few more years. I've still got plenty of space to accumulate some more pre-82 ones.

[Smart3]

Let's get rid of pennies and nickels. Perhaps dimes too.

If Obama pushed for this, I'd respect him a bit more.

[green73]

Let's get rid of pennies and nickels. Perhaps dimes too.

If Obama pushed for this, I'd respect him a bit more.

You are for central planning the money.

[Philhelm]

Let's get rid of pennies and nickels. Perhaps dimes too.

If Obama pushed for this, I'd respect him a bit more.

If inflation hits us hard enough, we may as well get rid of one, five, and ten dollar bills. I only see this as yet another symptom of inflation.

[Anti Federalist]

If inflation hits us hard enough, we may as well get rid of one, five, and ten dollar bills. I only see this as yet another symptom of inflation.

Yeah, but you won't see any push for a new $500 or $1000 bill, will you now?

The system likes the current cashless economy trend.

Just try making a large purchase with $20s $50s or even $100s.

Through currency de-valuation, the system will push us right into the cashless economy.

And the idiots will not even notice.

Not when they are whipping out plastic for a bagel and coffee.

[AngryCanadian]

Canada already got rid of its pennies.

[Smart3]

You are for central planning the money.

No. I'm just a fiscal conservative that doesn't like losing money to mint pocket change.

[MelissaCato]

I think they want to eliminate the saying a penny saved is a penny earned. What family in America doesn't have a bank full of pennies in the house. You might be a domestic terrorist if you have a piggy bank full of pennies. LOL

[HOLLYWOOD]

Pennies (now) made of zinc cost the taxpayers over 2 cents each.
Nickles costs the taxpayers over 10 cents each


Most US remote military bases (foreign locations) don't use pennies.

[green73]

No. I'm just a fiscal conservative that doesn't like losing money to mint pocket change.

LOL

[Philhelm]

Yeah, but you won't see any push for a new $500 or $1000 bill, will you now?

The system likes the current cashless economy trend.

Just try making a large purchase with $20s $50s or even $100s.

Through currency de-valuation, the system will push us right into the cashless economy.

And the idiots will not even notice.

Not when they are whipping out plastic for a bagel and coffee.

Well, it wouldn't be a truly dystopian future if we weren't using Credits or Creds, rather than U.S. Dollars.

[wormyguy]

As an aside, if the penny is eliminated, who wants to bet there'll be a major push to replace Thomas Jefferson on the nickel with St. Lincoln?

[Zippyjuan]

He still has the $5 bill.

[satchelmcqueen]

he cant get it says obama? well, why dont he use an executive order and bypass congress?

[oyarde]

He still has the $5 bill.

What can you get with one of those ?

[Smart3]

What can you get with one of those ?

A prostitute in about 80 countries.