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Elon Musk Government Efficiency Department (Doge) watching ways to reduce state consumption. One of his first targets could be a penny.
Doge, who officially became part of the Government on Tuesday after the President Donald Trump The signed executive command, published on the X that the production of money costs US taxpayers tens of millions of dollars, suggesting that it is one of the items that could be considered by eliminating.
The men’s initiative, aimed at reducing two trillion of federal consumption, did not directly claim that the penny would be eliminated, but pointed out that it costs three times more than it really is.
According to the US mint, each penny cost 3.69 cents to produce in the fiscal year in 2024, which cost taxpayers $ 119 million. This marked the 19th year in a row in which production exceeded its nominal value.
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In the United States, Peni was one of the first coins made by US mint after its founding in 1792. When it was first produced, the coin was larger and made of pure copper. Today’s smaller coin is made mainly from zinc, according to American mint.
In comparison, the Canadian government eliminated penny from its forging system in 2012, because inflation eroded its purchasing power.
“Over time, the burden of penny for the economy has increased in relation to its value as a means of payment,” the Government’s 2012 Economic Action Plan read.
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At that time, Penny kept only one twentieth of his original purchase power.
“Given his declining purchase value, some Canadians believe that penny is more uncomfortable than a useful coin,” the report said.
According to the US mint, each penny cost 3.69 cents to produce in the fiscal year in 2024, which cost taxpayers $ 119 million. (Tim Boyle / Getty Images) / Getty Images)
Penny is just one of the many items that may seem to be removed because it sets its sights on cutting 2 trillion of dollars of federal consumption. However, Musk admitted in early January that Doge may not reach a goal of $ 2 trillion.
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“I think we’ll try for two billions of dollars. I think it’s the best outcome,” Musk told Stagwell Inc., Executive director Mark Penn, adding that he believes that if Doga is aimed at 2 trillion dollars in the cuts, there are ” A good shot when getting $ 1 [trillion]. “
