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Killing the penny

on Jun 23, 2012

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Killing the pennyPresentation Transcript

• Killing the Penny Created By: Joshua Williams
• Killing the Penny As of May 2010 it costs 1.67¢ to produce 1 penny. The US Mint will print 1-14 billion pennies each year pending on inflation If 7.5 Billion (Average) pennies are produced this costs \$12,525,000,000
• Fun Facts in History On March 28, 2008 Barack Obama said that he would "seriously consider“ killing the penny The half penny was eliminated in 1858
• Reasons to Kill the Penny It is a waste of money  As stated earlier for 7.5 Billion pennies to be made it would cost \$12,525,000,000.  The zinc companies want to keep the penny because pennies are 97.5% zinc with a thin 2.5% copper plating
• Reasons to Kill the Penny(cont. 1) It is a Waste of Time  The average handling of pennies in a transaction line is 2-2.5 seconds  At 2 transactions per day and taking into account 3 people waiting in line this is equalivant to 12 seconds per day which equals 1.2 hours per person per year  There are 250 million adults over 18 in America times 1.2 hours per person per year equals 300,000,000 man hours wasted every year
• Reasons to Kill the Penny(cont. 2)  If the mean wage in the US is \$17 an hour we are effectively paying \$40 per year to keep pennies in circulation  Taking into account the 240,000 adults as a nation we are spending \$10,000,000,000 per year to have pennies in circulation
• Kill the Penny It costs about \$12,525,000,000 to make 7.5 billion pennies which is the average made each year• Over 300,000,000 man hours are wasted yearly just because of the penny• It costs over \$10,000,000,000 each year to keep the penny
• How Does This Help The Middle and Lower Class? By lowering the deficit this allows government based programs to provide more money to those in need Lowering the deficit also helps the to stabilize the economy Lowering the deficit will create more jobs
• Government BasedPrograms By lowering the deficit this would allow the government to allocate more money to safety net programs such as Social Security, Medicare, Medicaid, and Welfare With a lower deficit the government would be less likely to take money out of these programs such as the one trillion taken out of S.S to date. 1 trillion would last S.S. over 100 years!
• Stabilizing the Economy With a lower deficit our we would begin to come out of a recession Investors would be more inclined to invest By investing our economy would improve One way we got out of the Great Depression was by spending more money
• Stabilizing the Economy (cont.) As investment goes up along with the economy so will rates at banks for accounts The current rate on a cd account is 1.5% Current rate on a money market account is 15%
• Creating More Jobs When people invest there will be people who create their own businesses With the creation of new businesses create more jobs furthering our economy This helps those who are unemployed and cant find jobs With investors those who work in big businesses can go off and create their own businesses for higher paying jobs
• By Killing the Penny It would help lower the national defect Get investors to invest Create new jobs Help the economy Lower unemployment rate Can be cross functional to help others in many ways
• Works Cited http://www.jumbocdinvestments.com/cd- rates/historical-cd- rates.htmhttp://www.liberalutopia.net/ http://www.politico.com/blogs/bensmith/0 308/A_penny_for_your_thoughts.html http://www.retirethepenny.org/ http://www.viewshound.com/politics- usa/2011/7/25/our-own-government- has-almost-bankrupted-social-se