Former President Trump announced on Truth Social that he has instructed the US Treasury to stop producing pennies, calling them wasteful. While there has been no official confirmation from the White House or Treasury, economists have weighed in on the potential impact of such a move.
FILE - Freshly-made pennies sit in a bin at the U.S. Mint in Denver on Aug. 15, 2007. “For far too long the United States has minted pennies which literally cost us more than 2 cents,” Trump said via Truth Social on Sunday. “This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let's rip the waste out of our great nations budget, even if it's a penny at a time.”The cost to produce nickels also exceeds their face value.
“I'm a pretty big advocate for cash. Yes, I understand that the need for the penny has disappeared, and it's OK to retire it. But if we're going to retire it, let's do it the way Congress, or at least the Constitution, suggests. That Congress passes a bill,” Zagorsky said.“By saying let's stop making the penny, you're getting rid of the supply,” Zagorsky said. “But there's no getting rid of the demand.
Zagorsky said the penny’s popularity has been falling, and that’s naturally taking it out of society.Last year, just over 3 billion pennies were minted., the director of the School of Media and Public Affairs at George Washington University, said “the show” is the common theme in all those actions from Trump.
“Trump can unilaterally say I'm getting rid of wasteful things, certainly with the penny,” Loge said. “The penny has its fans. It's expensive. Pennies have a. The straws and the appliances have clear policy impacts. But also, they're a way of demonstrating to the American people, ‘I'm standing up to those liberal Democratic insiders who think they know better than you do.’ It will have policy implications, certainly.
“From a psychological point of view, the more types of coins we start pulling out of existence, the harder it is for people to see the value of cash,” he said.
TRUMP PENCE US TREASURY ECONOMY COINS
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