Tonite when i was watching a little bit of "60 Minutes" there was a special with a biochemist at MIT and he has been fighting for getting rid of the penny and that 2 and 1/2 seconds are averagly wasted duirng american transactions becuse of pennies being handled. And on average EVERY person in america wastes on average $41 worth of pennies per year searching for pennies and putting them in a cup and with all the population we as america waste about 10 billion dollars a year on wasted time with pennies. And i would just like to know how everyone really feels about this and if we should get rid of the penny. I personally think its bogus and we would lose more money as an economy because of all the american jobs lost from people who made pennies and that getting rid of pennies just seems kind of ridiculous and i would like to know some of the long term affects on currency and just the price of things without the penny would be cheaper or more expensive.
1 comment:
Well think about it- we may not use pennies a lot on our daily lives, but society does as a whole. Think about all the phrases that would be lost if it werent for the penny: "Penny for your thoughts" "Give a penny, take a penny" "Penny candy" and so on and so forth. Also, just imagine it from the business standpoint, when somebody prices something at $19.99 the average consumer usually doesn't process that it is closer to $20 than $19, and therefore can get away with pricing their products higher.
I do understand the whole standpoint of how it costs more than it's worth, but I don't know if Americans would be willing to rid themselves of them.
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