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.


Comments

advertisement

The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

Full Article

Send A Tip

Most Popular

advertisement

Breitbart Video Picks

Fox News National

advertisement

Sign up for our newsletter

advertisement

From Our Partners