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When you look at penny and nickel, there is an old proverb that dollars take care of themselves. President Donald Trump has taken that dict department in his heart and has ordered Treasury Secretary Scott Bescent to stop building penny as the government is actually losing money to coins.
Usually, currency and mintcoin printing is less than the face value of the money being created. For example, the federal government pays under $100 on paper and ink and prints a $100 bill. That was true for Penny too. Because the amount of copper used to cover a penny for less than a cent is less than a cent.
But decades of deficit fuel inflation devalued America’s currency, and now it cost more than a penny to create it. To maintain finances (value obtained by converting materials such as paper and metal into money), the Ministry of Finance began casting pennies from cheaper metals and using mere cleaning of copper on the outside.
Trump says he instructed us to stop building new penny: “This is so useless!”
But the dollar devaluation, which had been heavily accelerated under President Joe Biden, sent up commodity prices so high that even zinc could not be made, even for zinc. Simply put, the government has lost the money to mint on all of these coins. That means taxpayers are also at the expense of them.
Our government is losing money to mint on all of these coins. That means taxpayers are also at the expense of them. (Coin Tracker)
Trump is determined to restore sanity to the federal government’s finances, so he is trying not to flip the stone when it comes to finding ways to cut costs for the government’s bloated budget. Americans like Trump, Bescent and Elon Musk understand the rationale for the above maxim about paying attention to small details. That’s the only way to fix the trillion dollar annual deficit in the end.
Some people are sentimental about Lincoln’s image of our country’s smallest coin, but honest Abe could make the same decision as Trump.
This is another example of Trump and his team having to clean up the mess left behind by the Biden administration’s failure. Under Biden, the currency lost about a fifth of its value as prices surged beyond 20% in just four years, but runaway federal spending has become the norm, with debts of over $36 trillion Explosions, with annual interest on its debt exceeding $1 trillion.
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In short, Biden has left both governments. American Family Finance In ruins. The only way out of this economic lazy is to stop spending from Washington, DC. It starts with returning to common sense, such as stopping mint coins that will lose money for the government and taxpayers.
Some people are sentimental about Lincoln’s image of our country’s smallest coin, but honest Abe could make the same decision as Trump. The 16th president faces difficult currency questions when trying to fund the Civil War and wants to ensure that American solvency is maintained rather than his face regarding increasingly rare financial transactions in the digital age. I think so.
Plus, no one should worry about the penny going to go away. In fact, there is no reason why today’s transactions cannot be carried out as the nearest tenth of a dollar, rather than the nearest 100th.
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In fact, doing so would simply replicate the same level of accuracy in prices that existed in 1913 before the Federal Reserve launched a nearby ongoing campaign that underestimated the country’s currency.
Reducing pennies is part of a broader war to reduce government spending and should be seen in that context. Trump, Bescent, and Musk understand the dangerous state of federal finances led by the Biden administration and the ubiquitous nature of abuse, fraud and waste within the federal budget.
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This is why the Government’s Office of Efficiency (DOGE) is so important to bring America back into financial sanity. They pass everything with a fine tooth comb, ensuring that taxpayer dollars are being used properly.
We are in a really bad financial situation and government spending cannot be exempt from a thorough review.
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