Motley Fool Money Get Rid of the Penny
Dec 8, 2020
Discover why keeping the penny might just be costing the U.S. government millions each year. The discussion dives into the surprising facts about penny production and its diminishing value in today's economy. Hear compelling arguments from Stephen Dubner, co-author of 'Freakonomics', as he presents a case for eliminating this tiny coin. The episode offers a mix of personal anecdotes and economic insights, making you question the relevance of the penny in our modern society.
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Penny Production Costs
- The penny costs more to produce than its face value, a wasteful government expense.
- The zinc industry, a primary material supplier, lobbies to keep the penny.
Eliminate the Penny
- Eliminate the penny due to its inherent uselessness.
- Modern countries routinely eliminate small, inflated currencies.
Penny Drives Argument
- Americans for Common Sense, a pro-penny group, argues that children's penny drives would suffer.
- Dubner counters that dollar drives could raise more funds.
