President Trump's Decision to Eliminate the Penny
Democratic and Republican lawmakers agree with President Donald Trump's decision to eliminate the penny due to the high cost of production compared to the coin's value.
Key Points
- Trump instructs Treasury Department to stop producing new pennies
- Costs more than two cents to mint a single one-cent coin
- Government lost over $85 million on penny production in 2024
Pros
- Eliminating the penny saves money on production costs
- Bipartisan support for the decision
Cons
- Potential impact on businesses that rely on cash transactions