Posted on 11/30/2012 7:10:34 AM PST by upchuck
[Snipped pretty severely to meet posting guidelines.]
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
At a House subcommittee hearing Thursday, the focus was on two approaches:
—Moving to less expensive combinations of metals like steel, aluminum and zinc.
—Gradually taking dollar bills out the economy and replacing them with coins.
Equipment would have to be bought or overhauled and more coins would have to be produced upfront to replace bills as they are taken out of circulation.
Rep. Lacy Clay, D-Mo., said men don't like carrying a bunch of coins around in their pocket or in their suits. And Rep. Carolyn Maloney, D-N.Y., said the $1 coins have proved too hard to distinguish from quarters.
"If the people don't want it and they don't want to use it," she said, "why in the world are we even talking about changing it?"
Rep. Steve Stivers, R-Ohio, said a penny costs more than 2 cents to make and a nickel costs more than 11 cents to make. Moving to multiplated steel for coins would save the government nearly $200 million a year, he said.
(Excerpt) Read more at news.yahoo.com ...
I remember getting a $5 coupon book to use at McDonald’s in my Christmas stocking. It’s hard to believe it would take a couple of trips to eat enough burgers and sodas to use up the book.
Yeah, well it would save us 4.4 million if the Greedy Hogs didn’t go to Hawaii on our dollar..
Yeah, well it would save us 4.4 million if the Greedy Hogs didn’t go to Hawaii on our dollar..
“I do not like the dollar coins, but if it saves cash, then we have to get used to it..”
Hahaha! Let’s run the numbers that they publicized, and we can assume that those numbers are greatly inflated!
Savings = $4.4B
Time used to calculate savings = 10 years
Annual savings = $4.4B/10 = $0.44B or $440M
Fed budget = $3.8T or $3,800,000,000,000
Annual savings by % = 440,000,000 / 3,800,000,000,000 or 440 / 3,800,000 = 0.00011 or 0.011% of the budget
If you look at my tag you will see that I do care about every penny, but I also start reductions with getting the biggest bang for the buck. We’d get to this action a few decades from now!
;-)
“An excellent example...”
Goes too show me I should read all comments before posting.
Yours is a LOT better than mine...
and that is the plan. The MSM has us talking about this non-starter issue (see lead trial balloon) rather than the fact Boehner LAUGHED at Obama’s eunach Geitner delivering a joke of a proposal.
Do better. Eliminate penny and nickel and round to nearest dime. Other countries like New Zealand do that.
Make them the “Reagan Dollar.” I’ll go for it! :)
“Well, there are (or at least at one time were) a lot of $2 bills in storage...”
I know. My friend order $100 of them from the bank a week before we hit the strip joints. Been doing it for years; works great, actually. It’s a nice gimmick for playing.
And watch 6% sales tax round up to 10%.
Good plan. I would suggest a $2 coin rather than a $5 coin. Also the $5 and $20 note should not be optional. I would enjoy the currency mix you propose.
Nobody will ever round down though
I did too, when I was stationed in Germany.
It costs at least $100 billion to do something in Washington.
It costs at least $500 billion to STOP doing something in Washington.
Again?
Leave the $1 bill alone and eliminate the Congress.
Leni
I agree with Bill. The Federal Reserve is uncostitutional. The US Treasury has the responsibility to coin money. These coins are sovereign and contain zero debt.
A Federal Reserve Note is issued debt and is worth nothing more than a promise of repayment.
As a sovereign nation/state, who is constitutionly allowed to coin our own money, We could easily erase our debt by having the US Treasury issue coins in large denominations.
Instead we will allow the bankers to control our debt and force us into servitude.
I could save the Nation Trillions, simply do away with Congress and its printing presses.
CC
Yeah, we can all walk around with a leather bag with a drawstring dangling from our belts just like in the middle ages.
Idiots.
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