President Trump proposes eliminating the U.S. penny, citing its high production cost. 'Shark Tank' star Kevin O'Leary supports the move, while Elon Musk's DOGE department also weighs in. However, critics argue that removing the penny could lead to increased government expenses.
President Donald Trump is considering eliminating the U.S. penny, a move that has garnered support from prominent figures like 'Shark Tank' star Kevin O'Leary. Trump took to Truth Social, expressing his frustration with the cost of producing pennies, stating that they 'literally cost us more than 2 cents.' He directed his Secretary of the U.S. Treasury to halt the production of new pennies. O'Leary echoed Trump's sentiment during an appearance on 'Varney & Co.
', arguing that it's illogical to spend more than the penny's worth to manufacture it. He questioned, 'Why would you pay $0.02 for a commodity that's worth one?' According to the U.S. Mint, in fiscal year 2024, the cost of producing a penny amounted to $3.69, while a dime, nickel, and quarter cost $5.76, $13.78, and $14.68, respectively. O'Leary dismissed the penny's practicality, stating, 'Who uses a penny anyways? Unless you're putting them in your loafers and nobody does that anymore. Get rid of it. It's useless.'The Department of Government Efficiency (DOGE), led by billionaire Elon Musk, also chimed in on the debate. On 'X,' the department highlighted the financial burden of penny production on American taxpayers, hinting at its potential elimination as a cost-saving measure. However, the proposed move has faced opposition. Mark Weller, Executive Director of Americans for Common Cents, argued that eliminating the penny would actually increase government expenses. He explained that without the penny, nickel production could surge, exacerbating the Mint's financial losses. Weller emphasized the need for a comprehensive evaluation of the U.S. coinage system, including revamping the nickel and analyzing Mint overhead costs. The penny, one of the first coins minted by the U.S. Mint after its establishment in 1792, underwent several transformations over the years. Initially, it was larger and composed of pure copper. Today's smaller version is primarily made of zinc
Business DONALD TRUMP KEVIN O'leary US PENNY DOGE ELON MUSK GOVERNMENT EFFICIENCY COINAGE SYSTEM
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