6 of 32

No

Write now Article Tools

I am a firm believer in the penny. There is no good reason why the penny should be eliminated. If you hate having them in your pocket clinking around, TAKE THEM OUT. It's just that simple. If you choose not to save them, that's your prerogative, but many of us like to save our pennies because they add up into dollars, which would have otherwise been wasted.

Also, it would be nearly impossible to eliminate the penny. The costs of removing the penny from circulation would be massive and that's only for the physical removal of the coin. In addition to that, every store would have to completely rework the prices and taxes on a majority of their products. That would cost millions in labor costs, which would be transferred in turn to the consumers, threatening the stability of the market, especially since this increase would occur with all products.

Another major issue is that fairly taxing people would be nearly impossible. Just think, every time an item was taxed, the tax would round up to the nearest nickel and it most certainly would be rounded up because there is no way that the government would agree to round it down. With this in mind, think of how many purchases you make in a year. On every purchase, the total with tax will be rounded up to the nearest nickel. This would translate into hundreds of dollars of extra tax being paid to the government each year, plunging many more families into poverty and likely leaving a large hole in your own pocket.

Those of you who wish to eliminate the penny keep this in mind. You are ruining the savings of hundreds of thousands of Americans and destroying some of our most prided adages such as "A penny saved is a penny earned." Also, you are pushing families towards poverty as they are forced to pay higher taxes and higher prices on virtually every item. Finally, the resulting rise in the cost of goods will leave a hole in your wallet and possibly destabilize the market thereby threatening the investments you may have and the investments of millions of others. Now, is it really such a wise move to eliminate the penny?

Learn more about this author, Chad Belanger.
Click here to send this author comments or questions.

Add your voice

Know something about Should we eliminate the penny??
We want to hear your view. Write now!