Elon Musk's Department of Government Efficiency (DOGE) is exploring cost-cutting measures, with the penny potentially on the chopping block. DOGE, newly established under President Donald Trump, highlighted the penny's high production cost, which exceeds its face value. Citing the U.S. Mint's data showing a production cost of 3.69 cents per penny, DOGE suggested that eliminating it could save taxpayers millions. This initiative aims to reduce federal spending by $2 trillion, though Musk acknowledged that this target may be ambitious.
Elon Musk 's Department of Government Efficiency is eyeing ways to slash government spending. One of its first targets could be the penny. DOGE , which officially became a part of the government on Tuesday after President Donald Trump signed an executive order, posted on X that producing the penny is costing American taxpayers tens of millions of dollars, suggesting that it may be one of the items it may consider eliminating.
Today’s smaller coin is made mostly of zinc, according to the U.S. Mint.For comparison, the Canadian government eliminated the penny from its coinage system in 2012 because inflation eroded its purchasing power. "Over time, the penny’s burden to the economy has grown relative to its value as a means of payment," the government's Economic Action Plan 2012 read.
ELON MUSK DOGE GOVERNMENT SPENDING PENNY TAXPAYERS
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