President Trump has directed the Treasury Department to cease the production of new pennies, citing the rising expense of manufacturing each coin. He argues that the penny's production cost exceeds its face value, making it wasteful. The move, while potentially controversial, aligns with Trump's broader push for cost-cutting measures across the federal government.
says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.
But Robert K. Triest, an economics professor at Northeastern University, has argued that there might be wiggle room. Members of Congress have repeatedly introduced legislation taking aim at the zinc coin with copper plating. Proposals over the years have attempted to temporarily suspend the penny’s production, eliminate it from circulation, or require that prices be rounded to the nearest five cents, according to the Congressional Research Service.
Proponents of eliminating the coin have cited cost savings, speedier checkouts at cash registers, and the fact that a number of countries have already eliminated their one-cent coins. Canada, for instance, stopped minting its penny in 2012.
ECONOMY PENNY TRUMP FEDERAL BUDGET COST CUTTING
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