Founded in 2010

News & Entertainment for Mason City, Clear Lake & the Entire North Iowa Region

Obama sparks debate on pennies

pennyWASHINGTON, Feb. 16 (UPI) — U.S. President Barack Obama said he is open to the idea of eliminating the penny, but experts say that’s not a good idea.

During a Google+ hangout Thursday, Obama was asked why America still has the penny, Politico reported.

“I don’t know,” Obama said. “It’s one of those things where I think people get attached emotionally to the way things have been. … We remember our piggy banks and counting up all our pennies and then taking them in and getting a dollar bill or a couple dollars from them — and maybe that’s the reason why people haven’t gotten around to it.”

One penny costs about 2.41 cents to produce and the United States spends about $116.4 million annually making them.

“The penny is something I need legislation for and frankly, given all the big issues, we’re not able to get to it,” Obama said.

However, experts say eliminating the penny would lead to inflation for customers.

“We certainly need to look at ways to make our coins less expensive,” Mark Weller, executive director of Americans for Common Cents, a pro-penny advocacy group, told Politico. “But consumers lose when you don’t have a penny because business owners would round prices up instead of down.”

Copyright 2013 United Press International, Inc. (UPI)

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Even more news:

Need help with your website?
Call your local professional,
Breakthrough Web Design:
515-897-1144
or go to
BreakthroughWebDesign.com

Copyright 2022 – Internet Marketing Pros. of Iowa, Inc.
0
Would love your thoughts, please comment.x
()
x