It goes without saying that our country is in debt. Unfortunately, it does not look like we will be getting out of it anytime soon, especially when the government is wasting money on the minting of pennies and nickels.
According to the United States Mint’s 2012 Annual Report, the U.S. Mint lost $109 million in producing nickels and pennies.
This means producing nickels and pennies for the mint costs more than the coins are worth.
The U.S. currently has a national debt of more than $16 trillion, and President Barack Obama is refusing to cut spending. The claim that the government does not have a spending problem is ridiculous.
Obama responded in favor of getting rid of a product that the government is spending money on, but does not get used.
However, he also addressed that the fiscal loss from the minting of the pennies is not a huge amount of money.
It will take some legislation and negotiating to get rid of these coins, but it is a problem that needs to be confronted.
Adding to the national debt that seems to be continuously growing by spending money on an unused product is unacceptable.
If we are losing money because of it, it does not make sense that the production of these coins should continue.