Pres. Trump Plans to End the Penny
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Pres. Trump Plans to End the Penny
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In his latest effort to save the government money, President Trump plans to end production of pennies. What sort of effects will this have on the nation?
From Fox News. President Donald Trump announced plans to put a stop to producing pennies, which cost more than their value to make.
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“For far too long, the United States has minted pennies which literally cost us more than 2 cents,” Trump wrote on Truth Social. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.” …
The Department of Government Efficiency (DOGE), which is led by billionaire Elon Musk, posted on X last month that producing the penny is costing American taxpayers tens of millions of dollars …
According to the U.S. Mint, each penny costs 3.69 cents to produce in fiscal year 2024, costing taxpayers $119 million. This marked the 19th consecutive year in which production exceeded its face value. …
What do you think of this decision? Share your thoughts and prayers below.
(Excerpt from Fox News. Photo Credit: Milly from Pixabay)
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I see the simple logic of the solution, and yet I question what other commenters have questioned. Do we really know and understand the repercussions this could result in? A part of me also will miss some things – finding a penny on the ground and rejoicing! – quoting, “A penny saved is a penny earned” – being a “penny-pincher” – etc. It would be the end of an era!
With any change there will be negative and beneficial outcomes in the long run. May the beneficial (for all Americans) outcomes be in the majority when deciding this issue. $119 times 20 years (by the time this lunacy stops) totals up to $2,380 billion dollars. That is an insane waste of Taxpayers moneys.
We really need to pray about this issue, which seems easy and straightforward on its face. So, all prices are rounded to a nickel now- retailers are unanimously going to round prices UP, to their benefit- as is their right. But no one has considered the effect this will have on taxes. A commentor mentioned her county sales tax at 8%. My county has a 7.25% tax. Percentages are going to result in pennies due 99% of the time. Laws will have to be passed to round up taxes due to the nearest 5 cent amount, because your county or state or whatever tax entity is just like the retailer, they are not going to round down and lose revenue. Changing those tax calculation laws & regulations will take time and money, probably a lot of both.
Pray for wisdom for all involved in implementing this plan that is more complicated that it seems at 1st glance!
It will stop advertisers from marketing sales with 5.99, 10.99, etc. Type of sales. They will have to say 6.00, 11.00, to make it a whole number. It will change the marketing scene. Thank you Father God, continue to give President Trump financial wisdom to run this country according to your will. In Jesus Name. Amen.
I think it will change things, but I think marketing will go with $5.95 rather than a whole number. They do the penny to make it sound like a deal.
Thank you, God, for giving President Trump wisdom. Show him more creative ways to pare down government spending so that our country can be in the green and get out of debt. We need your help to be good stewards.
This is one common sense solution. At this time in Putnam County, GA, we are paying tax on non-food items at 8 cents to the dollar. I pay in cash. I am constantly looking for pennies to pay for my purchases. I am sure a solution will be found.
Good. Australia doesn’t even use coins. We should head in that direction. They’re too expensive to produce.
Lord, my heart warms and rejoices in many of the cost saving changes this administration is making. Continue to provide innovative ways to pare down the cost of running the government. To You belongs all the glory. Amen.
Dear Father God, Thank you for calling our attention to the absurdity of spending almost 4 cents to produce a penny. Please help rectify this situation. We don’t need pennies! Let’s round up the amount to 5 cents. We can do without the penny! Let’s get rid of the $119 million dollar expense. In Jesus Name I pray! Amen!!!
They shouldn’t waste so much money on a penny as long as we still can use the ones in circulation. However, if taxes and prices are rounded up rather than down than people still loose. Maybe there can be a more efficient way to produce pennies, or why can’t we reuse the older ones?