Obama suggests he’s open to getting rid of the penny ......... V

[Ponce]

And the nickel will follow..........
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President Barack Obama says it may be time to get rid of the penny.
The copper 1-cent coin has long been criticized for being costlier to mint than it is worth. And with Americans using pennies less and less, some have questioned why the government hasn’t stopped producing them.
Asked whether the penny should be nixed during an online chat sponsored by Google, Obama bluntly admitted, “I don’t know.”
“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said. “We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”
Obama added that the penny is a “good metaphor” for the larger problems facing the federal government.
“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”
But, he acknowledged, getting rid of the penny is not one of his administration’s highest priorities.

http://refreshingnews99.blogspot.in/2013/02/obama-suggests-hes-open-to-getting-rid.html

[Serpo]

Australia has nothing under 5c and even that will chucked

[palani]

What need of America of pennies when they have made everyone millionaires?

[VX1]

Obama suggested getting rid of the penny, and added that the penny is a “good metaphor” for the larger problems facing the federal government.

Oh, this is too easy. Good metaphor is right...

We have also been trying to get rid of a worthless fake brown piece that's one of the larger problems with the federal government... and thinks he's a brown Lincoln.

[midnight rambler]

Don't need those bothersome coins when everything is done digitally/electronically.

[Spectrism]

I knew the writer of the article was clueless once I read this:


The copper 1-cent coin has long been criticized for being costlier to mint than it is worth.

We have not minted copper pennies since 1983. Perhaps they are worried that the zinc in the pennies will be worth more than a dollar.

[Sparky]

Every time there's an article about getting rid of the penny, there's a counter-argument that people are emotionally attached the penny. Really?? Who the 4uck are these people who are so emotionally attached to the penny? Most people won't stoop to pick up a dime off the street. Exactly where are all these penny lovers?

[JohnQPublic]

And the nickel will follow..........
---------------------------------------------------

President Barack Obama says it may be time to get rid of the penny.
The copper 1-cent coin has long been criticized for being costlier to mint than it is worth. And with Americans using pennies less and less, some have questioned why the government hasn’t stopped producing them.
Asked whether the penny should be nixed during an online chat sponsored by Google, Obama bluntly admitted, “I don’t know.”
“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said. “We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”
Obama added that the penny is a “good metaphor” for the larger problems facing the federal government.
“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”
But, he acknowledged, getting rid of the penny is not one of his administration’s highest priorities.

http://refreshingnews99.blogspot.in/2013/02/obama-suggests-hes-open-to-getting-rid.html

In order to get rid of the penny, they need to change the tax system. In the US, sales tax is a % of purchase, and the only way to balance is to have a precision of 1 penny (you could argue the need for 0.1 or 0.01 penny, etc., but 1 penny works). I think most countries can forgo pennies because sales tax is more nationally based (like the value added tax). I am thinking that Obama may try and push a value added tax system, and this may be part of the justification.

[chad]

yep. vat is coming.

[General of Darkness]

From a better time.


https://www.youtube.com/watch?v=JxNo0TUN2Po


https://www.youtube.com/watch?v=ic7awpNhvT4

[Shami-Amourae]

Pennies are racist.

[Sparky]

In order to get rid of the penny, they need to change the tax system. In the US, sales tax is a % of purchase, and the only way to balance is to have a precision of 1 penny (you could argue the need for 0.1 or 0.01 penny, etc., but 1 penny works). I think most countries can forgo pennies because sales tax is more nationally based (like the value added tax). I am thinking that Obama may try and push a value added tax system, and this may be part of the justification.

This is not really true. Our state sales tax is 5.25%. If I buy something for $75, the resultant tax would be $3.9375. But there is no 1/10,000th of a dollar coin, so I actually pay $3.93 in tax. So this is not a valid excuse. If there were no penny, I would pay $3.95. If there were no nickel, I would pay $3.90. All of the tax/revenue issues would have zero net effect after rounding over zillions of taxable sales per year.

And as for the other argument that retailers would "round up" on their actual item price (i.e. they would charge $1.20 for a $1.19 item), then their competitors would round down to $1.15 and steal all their volume, which is the way price discovery and free markets always work, regardless of the minimal chargeable unit. If charging $1.15 eliminated their profit margin, they would simply make their product 3% smaller to account for that, which as we all know is already a very common practice.

[VX1]

The banker-owned (ZOG) government has to know this would also have the added benefit of pushing more away from cash and into their electronic currency. You pay the price as it is electronically, but always an additional one to four cent tax on using cash, cause you also better bet the government will decree that all the extra round-up gets sent to them as part of the sales tax.. no benefit to the business.

[Spectrism]

In order to get rid of the penny, they need to change the tax system. In the US, sales tax is a % of purchase, and the only way to balance is to have a precision of 1 penny (you could argue the need for 0.1 or 0.01 penny, etc., but 1 penny works). I think most countries can forgo pennies because sales tax is more nationally based (like the value added tax). I am thinking that Obama may try and push a value added tax system, and this may be part of the justification.


They can just round UP to the nearest dollar. Buy a 50 cent item and pay $1.50. Everybody is then happy and patriotic.

[Son-of-Liberty]

Here in Canada they just got rid of the penny this month. Feb 4th was the last day. Retailers are now rounding to the nearest 5 cents. Seems to be working fine. Wonder if it is OK to melt copper pennies down now? Even if it were though I would sell mine by the roll sort of like junk silver.

[midnight rambler]

Here in Canada they just got rid of the penny this month. Feb 4th was the last day. Retailers are now rounding to the nearest 5 cents. Seems to be working fine. Wonder if it is OK to melt copper pennies down now? Even if it were though I would sell mine by the roll sort of like junk silver.

IMO Cu pennies will serve a purpose in the future when bartering and such, much like I see nickels and 90% coins doing.

[Serpo]

And the reason for this..................INFLATION