Senators Propose Bill to End Penny Production, Save Taxpayer Dollars
WASHINGTON, D.C. — Senators Mike Lee of Utah and Jeff Merkley of Oregon have introduced legislation aimed at halting the production of the penny, a move they argue could save American taxpayers millions. "Minting pennies costs the American taxpayer millions every year—nearly four times more than the pennies are worth," Lee stated, calling it an inefficient use of taxpayer dollars.
The debate over the penny is not new; it has been ongoing for decades. Former Treasury Secretary William E. Simon first proposed eliminating the coin in 1976. In a recent report, the U.S. Mint revealed that producing a single penny costs approximately 3.69 cents. Under the proposed bill, the government could save over $85 million annually by discontinuing the penny.
The issue extends beyond the penny, with the Mint’s report indicating that producing a nickel costs roughly 13.78 cents, almost three times its face value. Advocates for the bill point out that many nations, including Canada, have successfully eliminated similar low-value coins. Canada discontinued its penny in 2012, and the U.S. also removed the half-cent coin in 1857 due to lack of demand.
Merkley emphasized the need for fiscal responsibility, stating, "It’s the opposite of ‘common cents’ for taxpayers’ dollars to fund wasteful spending like producing pennies." Both senators express hope that their “Make Sense Not Cents Act” will garner bipartisan support to combat government waste.
As discussions continue, the bill highlights a growing sentiment that the penny no longer holds value in the modern economy.
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