Wednesday, November 5, 2008

A Simple Way to Provide a Small Economic Boost - Abolish the Penny

The U.S. mint produces the penny at a loss of about $500m annually. Estimates of the cost to consumers of pennies range from $300m-$1b annually. Remove the penny from circulation and these costs vanish. The government gains $500m annually from not producing pennies. In the current economic climate, every efficiency gained is important.

Source: Wikipedia

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