President Trump proposes eliminating the U.S. penny, citing its production costs exceeding its value. 'Shark Tank' star Kevin O'Leary supports the move, calling it 'stupid' to pay more for a penny than it's worth. While the Department of Government Efficiency (DOGE) led by Elon Musk suggests its potential elimination, critics argue that abolishing the penny would lead to higher costs for the government.
President Donald Trump is considering eliminating the U.S. penny, arguing that its production costs exceed its value. In a post on Truth Social, Trump stated, 'For far too long, the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies.
' This proposal has garnered support from 'Shark Tank' investor Kevin O'Leary, who echoed Trump's sentiment during an appearance on 'Varney & Co.' O'Leary questioned, 'It's stupid. Why would you pay $0.02 for a commodity that's worth one?' He further emphasized the penny's impracticality, 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 U.S. Mint's figures for fiscal year 2024 reveal the financial burden of producing pennies. It cost $3.69 to manufacture a single penny, compared to $5.76 for a dime, $13.78 for a nickel, and $14.68 for a quarter. Adding to the debate, the Department of Government Efficiency (DOGE), led by billionaire Elon Musk, highlighted the penny's cost to taxpayers on 'X,' suggesting its potential elimination. However, critics like Mark Weller, Executive Director of Americans for Common Cents, caution against this move. Weller argues that abolishing the penny would result in higher costs for the government due to increased nickel production, exacerbating the Mint's financial losses. He proposes a comprehensive review of U.S. coinage, including nickel revamping and an evaluation of Mint overhead. The penny, first minted by the U.S. Mint in 1792, has undergone several transformations since its inception. Initially larger and made of pure copper, today's penny is predominantly composed of zinc.
TRUMP PENNY ELIMINATE KEVIN O'leary COST PRODUCTION DEPARTMENT OF GOVERNMENT EFFICIENCY ELON MUSK CRITICS
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