A Penny For Your Thoughts?

  • Christian Chat is a moderated online Christian community allowing Christians around the world to fellowship with each other in real time chat via webcam, voice, and text, with the Christian Chat app. You can also start or participate in a Bible-based discussion here in the Christian Chat Forums, where members can also share with each other their own videos, pictures, or favorite Christian music.

    If you are a Christian and need encouragement and fellowship, we're here for you! If you are not a Christian but interested in knowing more about Jesus our Lord, you're also welcome! Want to know what the Bible says, and how you can apply it to your life? Join us!

    To make new Christian friends now around the world, click here to join Christian Chat.
PoxEclipse

PoxEclipse

Banned
Jul 12, 2013
1,011
11
0
[video=youtube;2q2vmwHNoDU]http://www.youtube.com/watch?v=2q2vmwHNoDU[/video]




penny.jpg



Obama suggests he’s open to getting rid of the penny

President Barack Obama says it may be time to get rid of the penny.

The copper 1-cent coin has long been criticized for being costlier to mint than it is worth. And with Americans using pennies less and less, some have questioned why the government hasn’t stopped producing them.

Asked whether the penny should be nixed during an online chat sponsored by Google, Obama bluntly admitted, “I don’t know.”

“It’s one of those things where I think people get attached emotionally to the way things have been,” the president said.

“We remember our piggy banks and counting out all the pennies and then taking them and getting a dollar bill or a couple of dollars.”

Obama added that the penny is a “good metaphor” for the larger problems facing the federal government.

“This is not going to be a huge savings for government. But anytime we’re spending more money on something that people don’t actually use, that’s an example of something we should probably change,” Obama said. “One of the things that you see chronically in government is it’s very hard to get rid of things that don’t work so that we can then invest in the things that do.”

But, he acknowledged, getting rid of the penny is not one of his administration’s highest priorities.


"They might get rid of the penny, but it does not stop them from nickel and diming us."
 

Attachments

  • a-penny-for-your-thoughts.jpg
    a-penny-for-your-thoughts.jpg
    187.3 KB · Views: 36
In UK we have had this debate ongoing for some time now, do we scrap the 1p. Read a report from 2007 which said that over 600,000,000 1p coins have gone missing since their introduction, which is a good reason to scrap the 1p.

Of course its not just the 1p, but the 2p and 5p, even 10p is so small amount people can not be bothered to pick them up if they are dropped. I know I have thrown away a few 1p coins in past, mainly from sucking up in vaccum cleaner.

What would the impact on sales prices and manufacturing be? No one will round down prices.
 
I dont think it will happen simply because there are too many rich people that make money on commodities/stocks/currency exchange. Tens of thousands of dollars profit with just a one cent change in the value of a holding. A 5 cent mandatory jump up or down would impact the markets too significantly. Not saying it couldn't be done, but it's highly unlikely
 
It really doesn't impact the markets as they will still operate in dollars and cents. There is no rounding in the markets. I am in Canada and the rounding up and down in stores is great. Don't need all that extra change clanging around. I don't miss pennies at all. Good move for the Canadian government.
 
Grrrr, I meant to edit my post but my five minutes was up. The rounding only occurs in cash transactions at stores. Debit and credit card charges are not rounded. Also, checks and money orders are issued with the correct dollars and cents. So, really it is not noticeable except for the lightening of the pockets.
 
You must log in or register to reply here.
Top Bottom
Back