Pennies are costing the Treasury more than it’s worth. It takes about 2 cents to make a U.S. penny, which is more than its value. Although the Treasury secretary has proposed cheaper manufacturing methods to reduce the production cost of coins, it’s simply not adding up.
Canada is leading by example by dropping the use of its penny. As much as the United States prides itself on being the first and best, the country may follow in Canada’s footsteps.
“Greg Mankiw, Chanriman of the President’s Council of Economic Advisers under President Bush, said American consumers have shown they don’t value the penny, even if most polls show opposition to getting rid of the coin.”
If you have noticed an empty container near the cash register at your nearest convenience store then you aren’t alone. Economists believe that if consumers don’t value the penny enough to add value to their accounts then it is becoming irrelevant.
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Bahiyah Shabazz is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of "Spending fast: Clean up your finances in 5 days" and "Finances are linked to emotions: live within your means". Bahiyah Shabazz is also a motivational speaker, columnist, and radio host. If you have questions or topic suggestions please email: contact@BahiyahShabazz.com.
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