A Shortage of Coins is Happening Across America
Channel: The Nomad Economist
Date: 01/07/2020

A Shortage of Coins is Happening Across America 


A shortage of coins is appearing across America due to the covid‐19 pandemic significantly disrupting the supply chain and normal circulation patterns for U.S. coins. The U.S. Mint halted production due to covid-19 which has caused Fed Chair Powell to admit to lawmakers the Fed will be rationing coins until the problem is resolved. Powell said; "What's happened is that with the partial closure of the economy, the flow of coins through the economy ... it's kind of stopped." He went on to say the shortage which is expected to be temporary is due to the business closures that prevented people from spending their coins, as well as a lack of places that are open where people can trade coins for paper bills.

We can only hope that this will cause more people to question the usefulness of the penny which is a blemish on the face of America. It is costly to produce, no friend to the environment and it wastes America’s resources while sapping our productivity. It cost our country billions of dollars, year after year. According to the “citizens to retire the penny” it cost the Country one hundred million dollars a year to produce the penny, and more then $15 billion dollars annually is wasted just in handling it. Coins are designed by the government to be a simple and efficient medium for the exchange of goods and services. For many years there have been discussions about discontinuing the penny which has become obsolete because of its minuscule purchasing value. The penny is a perfect example of our government's inefficiency and waste, and the cost is a burden carried by business. If an employee is paid $12.00 an hour they receive twenty cents per minute. Businesses simply cannot afford to pay an employee to handle and count pennies, the cost of the labor exceeds their value.

For the full transcript go to https://financearmageddon.blogspot.com
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