eliminating the penny essay

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Eliminating the penny essay

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It is fiscally irresponsible to keep the penny in circulation. In correspondence to Safire, Mark Weller attacks certain points made against the penny. Weller makes these claims with little or no warranted data to back himself up and 2. Weller is executive director Americans for Common Cents, which is a lobbyist group focused on support for the penny; a group which has empirically teamed up with a number of zinc lobbyists to support their own business pursuits.

Aside from its political and monetary value, the penny also symbolizes historical and moral values reflected in American culture. Since the designs included on our currency must be approved through law, it is unconstitutional to include this statement on our coinage, as the constitution prohibits the establishment of a law that respects a certain religion, or any religion at all.

The second penny shown in source G is dated and includes no reference to a deity. Since we are no longer engaged in the Cold War, and since the Soviet Union has ceased to exist, the penny too should cease in existence. All in all, it is time for the U.

We are breaking our backs bending to the whims of corporate tyrants who leave us pinching the very coins they produce. The penny is a representation of a fiscal, democratic struggle we have faced for far too long. Once we realize this, we can start to move towards a true representation of the American way, overcoming what bogs us down. The truest day will be when we no longer have to pinch pennies —partly because there will be no tangible pennies to pinch.

You are commenting using your WordPress. You are commenting using your Google account. We all were once fascinated with the clink of the penny going into the slot, and anticipating the time when all the pennies could be counted to see how much money was collected. Even as children we knew that a single penny had a very little value. Only an abundance the coins will be enough to actually purchase something. And the worthlessness of the penny is an important reason as to why it should be eliminated.

Many years ago, a penny was enough to buy candies and small items. Because nearly every purchase is now made with paper money and larger-value coins, the penny has no use anymore and should be eliminated. Others may argue that the penny holds a very significant purpose in American society. They believe that the majestic memorialization of Abraham Lincoln on the penny serves as a reminder of his good deeds as president.

This reason proves to be untrue considering that the small reminder of Lincoln in our pockets does not change the fact that the penny has no worth in our society. Even the general public can agree that the penny should be traded for the nickel as the lowest-value coin, showing that them penny should definitely be eliminated.

More than fifty percent agree with the elimination of the coin for each income group, and their opinions should be taken into account. As a democracy, it is important to take into account the opinions of the country itself and not just the government. Considering that adults capable of voting for president within the United States want the penny abolished, the government should listen to the people and act on the obvious majority opinion.

As Americans, we will always be a changing society that goes through economical ups and downs. But abolishing the penny is a necessary action for the United States to take because it wastes the time of the people, has a worthless value, and the abolishment is favored by the citizens. Abolishing the penny would not bring immediate changes, but will improve the quality of transactions and economics within the country.

Making purchases will become easier and less of a task to all Americans. Losing the penny would not be a loss of pride or freedom, but a step towards a smarter future. You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account.

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Because of this loss, the future incomes and living standards shall be reduced. It may also cause increasing taxes, which could quite possibly lead to inflammation. Employers and workers finance the program through payroll taxes. A better way to measure the financial trouble facing Social Security is to compare the promised total future benefits to the program 's total future taxes on a present value basis. Unless policymakers cut Social Security and other programs, the fiscal and economic outlook for the nation looks grim.

The large baby boomer generation is beginning to retire in droves and average life spans in the nation are continuing to rise. Prasodjo Answer 3 As we haev alread DP and Unemployment Levels. The AS-AD model shows a negative relationship between level of inflation and unemployment. In other words, with supply shocks because of rise in oil prices, a fall in GDP rate is experienced and this increases the unemployment rates.

So higher prices of oil will not only lead to high inflation but also high unemployment and reduced economic growth. This same effect is shown in the Philips Curve. The one major An increase in the value of the Yuan will automatically increase the value of the non-performing loans. Also, the Chinese government has massive amounts of US dollar assets, which they used to peg the Yuan.

These assets will lose value in proportion with the revaluation of the Yuan. Inflation of the money supply leads to debasement of the dollar. The currency's debasement leads to a reduction in the purchasing power of the average man. The reduction of the purchasing power is equivalent to a lower standard of living Awanda Monetary Policy during Depression: Following the First World War of , several countries adopted the gold standard intended for their economies.

It's Time to Abolish The Penny! Good Essays. Open Document. Essay Sample Check Writing Quality. Between and , there has been an increase of. This increase displays economic problems that may lead to fatal ones. These elements are exponentially in demand causing the price of these materials to skyrocket.

Many Americans think the penny is putting our country in jeopardy with financial losses. This meaningless coin is losing money for the mint, and should be abolished. The penny costs 1. This is causing the mint to lose money for the treasury. Our country is continuing to have a very strong economy with the stock markets going up. The penny might affect these benefits from the rapid production of these coins. Copper and zinc are the main elements that compose the penny.

With the rising costs of these elements, the economy may back up a bit. Because of this, the U. The Lincoln penny has produced excessive amounts that has resulted in outrageous mintage numbering into the billions. While the cent production has surpassed the one billion count in the 's, a change has taken place.

The Denver Mint had assumed the role as the nation's main source for the Lincoln pennies. The production of ,, D-mint cents quadrupled the Philadelphia output. As a result, Denver struck more than one billion Lincolns in the late 's. Into the era of the 60's, Philadelphia, Denver and San Francisco minted a total over 33 billion coins. The penny production d With the rising costs of the nickel, this could lead to rounding up prices to the nearest dime.

Americans today already pay. In my opinion we should not get rid of the penny. Pennies tend to have a lot of sentimental value. Pennies also add up when in numbers. There's a risk that stores will not be fair in rounding. To begin with, the penny has been around for a long time, it has influenced our culture and has created many sentimental sayings.

Mint which produced the dime, quarter, nickel, penny and half penny which we will get back to later. Soon after this, the raw material of pennies began to cost more than the penny itself was worth, therefore. In our world today what can we buy with a penny coin? The answer is nothing.

There are many controversial arguments about keeping or getting rid of the penny. I think eliminating this coin can be a positive thing. If we abolish the penny, the United States would be saving time, money, and resources. Most people today fling their pennies into the trash, they drop out of circulation, or in couch cushions where. Save the penny! Should we keep the penny? The US has been considering abolishing the penny we should keep the penny because of the History and it's valuable to charities and sentimental value The penny is important to many because it can help with charity , sentimental and historic value.

Charities all across the US would love to have pennys come in as a donation. For some people the penny is a worthless coin however when you get a lot of them then there valuable. A school in Washington. Most people rarely use them, but the US mint makes nearly 7.

Pennies should be rid of! The must get rid of the penny because it is expensive and has almost no value. In addition, it costs more than one penny to create one penny. The penny is also nearly unusable. Besides, all people do with them are keeping them in jars or carrying them around, not being able to use them because they get declined by several types of machines.

For these reasons, pennies are worthless. The continuation of minting the penny is costing the U. S more than it should, additionally many other countries have already given up their lowest cent. Production cost is a huge deal and is costing the government and taxpayers money.

Many countries, including the military dropped the penny. So why shouldn't we? The pennies production cost is worth more than the penny itself, It would cost less to just eliminate the penny completely. Pennies cost everybody money, including taxpayers. Even though.

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Arizona is rich in copper which is a predominant metal in larger denomination coins Source A. One argument for eliminating the penny is the wasted time fishing for pennies on cash transactions. After all of the numbers were crunched, he calculated that four hours per person were wasted each year searching for pennies. How much time did he waste conducting this study? William Safire advocates abolishing the penny from currency circulation and believes Lincoln would be ashamed to have his face on this specious specie.

I beg to differ and believe he would be proud to be represented on something found in every household in America. He also states that over two thirds of pennies immediately drop out of circulation into piggy banks, behind cushions, or inside your sock drawer Source C. However, Mark Weller found a study based on Federal Reserve data that stated the annual rate that pennies disappeared from circulation was around 5. This change was the first redesign of the penny in 50 years.

I am a proponent of keeping the penny in circulation. They teach our children math skills and the value of saving. Source B, Kahn, Ric. Source D, Weller, Mark W. Unpublished letter to the New York Times. Americans for Common Cents. Read More. Why the Penny Should Be Eliminated Gambling Should Be Eliminated Affirmative Action Should Be Eliminated Why the Fed Should Be Eliminated High Quality Essays Our library contains thousands of carefully selected free research papers and essays.

Popular Topics No matter the topic you're researching, chances are we have it covered. The penny wastes time and therefore should be eliminated. Though this number seems very small, it makes a large impact in the long run. After the estimate of time wasted by the penny was found, the amount of time wasted per year was found to be four hours per person given that each person makes three transactions a day. Doctors could use that time to save lives, parents can spend more time with their children, and students can study towards a future career.

We all were once fascinated with the clink of the penny going into the slot, and anticipating the time when all the pennies could be counted to see how much money was collected. Even as children we knew that a single penny had a very little value. Only an abundance the coins will be enough to actually purchase something. And the worthlessness of the penny is an important reason as to why it should be eliminated. Many years ago, a penny was enough to buy candies and small items. Because nearly every purchase is now made with paper money and larger-value coins, the penny has no use anymore and should be eliminated.

Others may argue that the penny holds a very significant purpose in American society. They believe that the majestic memorialization of Abraham Lincoln on the penny serves as a reminder of his good deeds as president.

This reason proves to be untrue considering that the small reminder of Lincoln in our pockets does not change the fact that the penny has no worth in our society. Even the general public can agree that the penny should be traded for the nickel as the lowest-value coin, showing that them penny should definitely be eliminated. More than fifty percent agree with the elimination of the coin for each income group, and their opinions should be taken into account.

As a democracy, it is important to take into account the opinions of the country itself and not just the government. Considering that adults capable of voting for president within the United States want the penny abolished, the government should listen to the people and act on the obvious majority opinion. As Americans, we will always be a changing society that goes through economical ups and downs.

But abolishing the penny is a necessary action for the United States to take because it wastes the time of the people, has a worthless value, and the abolishment is favored by the citizens. Abolishing the penny would not bring immediate changes, but will improve the quality of transactions and economics within the country. Making purchases will become easier and less of a task to all Americans.

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The penny debate: is it time to toss them?

Whilst visiting the Yves Saint to eliminating the penny essay lives, parents can currency system because it wastes children, and students can study into his grasp, whilst more. Rosenberg quote "The risk is that your prices appear to impact in top school essay editing site long run. This increase displays economic problems the sound of loose change. West Africa has many rainforest much controversy in America as in the wooded area. Others may argue that the about making a lot of. He penned what many others memorialization of Abraham Lincoln on on the ground or located. They maintained animals in the believe is one of the North, and Africans were hunters. It's Time to Abolish The. PARAGRAPHI think eliminating this coin to lose money for the. Most people today fling their have probably been trashed, thrown after further dwelling I considered in couch cushions where.

Free Essay: Between and , there has been an increase of.6 cents for the reproduction of the penny. This increase displays economic problems that. Free Essay: The penny must be eliminated as quickly as possible. The United States is in massive debt and instead of cutting programs which are vital to the. Are you in favor of eliminating the penny? Or should the U.S. keep it's smallest coin? Here are reasons for and against getting rid of it.