lol, was going to post about how strippers are going to hate dancing with a shower of $1 coins hitting them as they dance.
I would think that removing lower denominations of currency and coinage would contribute greatly to inflation.
You know what the problem with this is? 5 billion dollars is to our actual deficit and debt what a single free throw is to Kevin Durant's career PPG. It's tiny and insignificant. If the President wanted to bring our spending in line, he'd make drastic, sweeping changes.
He'd make Moses Malone or Kevin Martin's free throws in a season? Stat taken from last night's game comments on "Most Free Throws Made In A Season."
we appretiate the kind that jingles but we'd rather have the kind that folds. no more dollar bills? that's more queer than a 3 dollar bill.
No. Not even close. The DoD budget is about 20% of government spending, trailing both Healthcare (Medicare/Medicaid) and Social Security. Even if you add in other things that are more tangentially related to national defense, but not the military it is under 40%.
In Mexico our lowest bill is 20 pesos (almost two dollars) and then we have coins for: 1, 2, 5, 10 pesos and also for 50, 20, 10 cents.
Would make sense. The issue is (as you're probably aware of), businesses raising prices incrementally by a 1 cent here and there can add up to HUGE gains. So with with finances so finely tuned, guess it makes sense to have the 1 cent represented in physical currency somehow. Really I don't like having any physical money just because of risk of outright LOSING it. Or like the article states, the paper money will wear and be lost to attrition over time. They key then is getting people to use the plastic more.
The problem is that American businesses list prices that ends in .99s, and that we don't include taxes in our prices. In many other countries, prices for everyday items tend to be in nice, neat numbers. i.e. $4.50 for combo meal or $10 for that DVD, rather than $4.29+tax or $8.99+tax. So even though they have their equivalent of pennies, it's almost never used because it's not necessary in general.
Is it really that difficult to roll out digital wallet in US? I know it's probably impractical for the whole country but how about major cities? For years, we here in the Far East has been using contactless store-value cards for daily small values transactions such as buying stuff from supermarkets or 7-11, all sorts of transportations (excluding cabs), book stores, vending machines etc. Yes, it did not get rid of coins but we do not need to produce more either. The money invested in replacing dollar bill by coins could be saved for better purpose.
Heck yea, (seriously)...It would be like the middle ages when currency was all coin or gold...kinda nostalgic. . .
Hahaha! Go ahead and post it. I for one am with you, I rarely ever carry cash.....debit/credit FTW! Looking at the poll results though, the article was right. People like the folding denomination much, much more.
