Should the penny be abolished
the penny is losing its value and has been forgotten about, stuck in jars or jingling constantly in pockets. If the penny is abolished everything would be rounded down or up (so if it was 2.99 it would now be just three dollars)
yes it should
Side Score: 6
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no it stays
Side Score: 12
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The US Mint takes a loss on every penny made and the Federal Reserve literally prints more money to make up the difference. I think it's insane to waste valuable natural resources on making pennies. What makes it really crazy is that the value of the penny is pegged at an artificially low level (i.e. You aren't allowed to melt down pennies and sell off the copper/nickel). Side: yes it should
2
points
If the government loses money making each penny, then it is fiscally unacceptable for the government to be making pennies in their current form in economic times such as this. There are two options I see here: Change the composition of the penny, or cancel the penny's circulation until it becomes economically viable. My opposing argument is obsolete now that I have this information. This is important stuff, Loudacris. Side: yes it should
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everything would be slightly more expensive. they won't round down prices, they'll only round up. tax rates would be adjusted to make it even, making it once again more expensive. yes, that's bad. we have the penny because of specific prices. something that's two cents more may not make a difference at first, but in the long run you'll see yourself quite a few dollars short. Side: no it stays
3
points
copper is not really a valuable resource, besides the existence of pennies means that we have lower tax rates in the long run, and pennies add up and stuff. you could also make things out of them, like little penny men. and MOST IMPORTANTLY: what would the nation do with all their penny-loafers if they dont have pennies to put in the little pocket?- so yeah Side: no it stays
It does cost a little extra to make a penny, but we have so many in circulation, the US mint can slow down production of the penny if they want. I agree with others that prices will be rounded up, not down, to the nearest nickel. This is really bad for the long-run. Side: no it stays
1
point
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