Posted on 02/01/2012 6:46:31 PM PST by opentalk
Sens. John McCain (R-Ariz.) and Tom Harkin (D-Iowa) have introduced legislation that would permanently discontinue the $1 dollar note and replace it with a coin.
Harkin and McCain penned The Currency Optimization, Innovation and National Savings (COINS) Act in response to reports from the nonpartisan Government Accountability Office (GAO) that indicate that abandoning the note could save around $5.5 billion over the next 30 years. Specifically the COINS Act would require that Federal Reserve Banks discontinue the $1 note four years after enactment or once circulation of $1 coins exceeds 600 million annually.
(Excerpt) Read more at thehill.com ...
It actually makes sense, the problem is and always has been that they wouldn’t quit printing the paper dollar. A dollar coin even though it cost more to produce last so much longer than the paper dollar that it produces a substantial savings. I prefer the convenience of a paper dollar and don’t want a pocket full of change even though I’m a coin collector and appreciate coins. I have two objections even though it’s a good idea and would save money. One I’m sick of Government cramming things down my throat and making life a bit more complicated. Two the fact that McCain is involved is bad enough but TOM HARKIN, there has to be something really wrong with this. I refuse to be for anything TOM HARKIN is for.
Before we switch to dollar coins (which is actually a good idea), let’s abolish pennies (and maybe nickels and dimes: when we abolished the half-cent coin its purchasing power was comparable to a dime today). Australia and New Zealand did if: one just has a “rounding” entry in every transaction to push it to the nearest 5 cents, just like having one of those “take a penny, leave a penny” bins, but with everyone obliged to participate and some pennies always in stock.
Once we’re no longer carrying annoying little coins that are scarcely worth anything, dollar coins will seem much more congenial.
The post of the day!!
The Canuck money looks funny, but it worth as much or more than ours.
This is how brain dead zombies burn taxpayer paper dollars.
Swipe her butt with a debit card, then take her 5 dollar bills as change back.
The CAD and USD are even at $1.00 today.
We could save more money by just knocking a few absurd federally funded studies out of the budget.
They track every credit, debit, and check transaction. The govt can have real time access to your account.
They wouldn’t even propose the legislation if they did not benefit from it. That’s just political life! I can count the time that legislation the only benefited the pubic on one hand...
I’m sorry.
I’m too busy counting my piles of money to hear you right now.
Would you like a danish with your coffee?
McCain wants this because Arizona is a major copper producing state.
Don’t know why Harkin wants it....McCain probably told him, “Vote for the dollar coin and I’ll vote to increase ethanol subsidies for Iowa.”
I can see it all now.
6 AM and I have not had any coffee.
One eye is half open, the other one is closed and you are charging me $18.95 CAD for a danish ??????
The bank charges me about 4 percent to do an exchange, so if I did it straight up, I’d be losing money on the deal.
Many Canadian stores won’t even take the American money for that reason. I also know that most American stores won’t take Canadian money either.
I almost said Magnetic Pasties, but the poor girl would only end up with just two bucks for all her hard work.
I don’t $ee any problem$ with this $ituation.
If there is a bright side I have my dollar albums compleate to President James Garfield and I assume they will start back up with President Chester A. Arthur. Of course I shouldn’t assume anything where politicians are involved. They will probably start a new series of endangered insects or something else that would not indicate a strong America or patriotic theme, maybe something politically correct.
OR the two of them are just Morons. It’s a close call.
>”Swipe her butt with a debit card, then take her 5 dollar bills as change back”<
Well, THAT Debit Card wouldn’t be going back in my Wallet, that’s for sure. Besides, the Wife balances the Checkbook.
On that note, the penny has been an absurdity for at least a decade, probably two.
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