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# Killing the penny

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### Killing the penny

1. 1. Killing the Penny Created By: Joshua Williams
2. 2. 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
3. 3. 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
4. 4. 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
5. 5. 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
6. 6. 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
7. 7. 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
8. 8. 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
9. 9. 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!
10. 10. 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
11. 11. 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%
12. 12. 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
13. 13. 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
14. 14. 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