Monday, August 23, 2010

Shrinking the Federal Deficit with a Flip of a Coin

From Fox Business News.

"Federal Deficit in the Flip of a Coin Last week the CBO estimated the nation’s deficit would hit 1.34 trillion this year.

It’s a hard number to swallow, but what if you could help shrink it without your tax rate or cost of living being affected? Switch to one-dollar coins instead of bills.

Our neighbors to the north are already doing this, and an eclectic group of domestic organizations already support the idea including, Treasury, the National Bulk Vendors Association, and Citizens Against Public Waste.

The argument for coins is simple: they last longer than paper money, a lot longer."

Does anybody remember the Susan B. Anthony dollar coin and how well THAT worked out? Being roughly the same size and weight of a current quarter, people were mistakenly using them in vending machines, or in place of quarters for change. To bring this back now, especially when the rest of our money's been covered with various 50-state designs, would be a nightmare--first, you couldn't tell it from the quarter, and now you REALLY couldn't tell the difference just by the (different?) design.

They'd have to make it two-tone and/or really big to set it apart from the other coins, and that would defeat the purpose of saving money by making money. This is about as foolish as doing away with the penny.


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