Obama's Uncuttable Spending: Loses $70M on Producing Pennies
While President Obama prepares to tell Americans that every dollar of spending by the federal government is vital – or, more realistically, while he prepares to lie about cutting spending while actually jacking it up to record rates – Breitbart News has been looking into possible places worth cutting. Today, we’ll be rolling out a series of such cuts. We suggest cutting these items, rather than raising your taxes.
While you’re tossing your leftover pennies into the tip jar at Starbucks, the federal government is spending some $70 million this year in loss just to produce those pieces of copper uselessness. Because of inflation, ironically, the price of zinc and copper is up dramatically, meaning that it costs more than a penny to produce a penny. Treasury Secretary Timothy Geithner wants to change the constitution of the penny, but there has been no action from the government as of yet.