Home > Economics, Greg Mankiw, Penny, The New Republic > We need less common cents.

We need less common cents.

As I’ve argued before, the penny needs to go. The New Republic makes the case that President Obama should follow through with his campaign promise to consider abolishing the penny.

[T]he other (arguably stronger) case for abolishing the penny–saving time lost to fumbling cashiers–remains as solid as ever. Considering that pennies add 2 to 2.5 seconds to each cash transaction, economist Robert Whaples has calculated this country’s penny-induced productivity loss at $300 million annually. Former Bush economic adviser Gregory Mankiw puts the figure at $1 billion, while anti-penny activist Jeff Gore argues that it’s actually in the neighborhood of $10 billion.

Now that pennies cost more to make than they are worth there is every reason to rid our monetary system of this zinc-plated environmental disaster.
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