Followers of the debate have found that there are fundamental differences between both sides of the aisle as to how to manage the affairs of government. Rather than look for common ground and try to negotiate about the differences, their actions are reminiscent of a smoker who quits their habit but uses food to make up for the cigarettes trading one condition (cancer risk) for another (obesity). In an attempt to get them started, I have a proposal:
End production of the one-dollar Federal Reserve Note!
According to the most recent report from the Government Accountability Office, the independent, nonpartisan legislative branch agency that investigates how the federal government spends taxpayer dollar, the government could realize a savings of $5.5 billion dollars over 30 years by eliminating the paper dollar for coins.
By eliminating the one-dollar Federal Reserve Note, congress can begin show that they are willing make “difficult decisions” to help the economy while not stepping on either side’s political hot buttons. Also, if congress votes to eliminate the paper dollar, the approximately $1.1 billion of dollar coins sitting the Federal Reserve’s coin vaults will start to circulate in the economy. This is $1.1 billion dollars of money not doing anything but sitting. It would be a $1.1 billion stimulus to the economy that will not add any money to the deficit because the coins are already paid for.
If you add the $1.1 billion of existing money to a $5.5 billion in long term savings, that is a total of $6.6 billion of economic immediate economic stimulus that does not cost the government anything. Further, once the $1.1 billion is circulated in the economy, the money spent will generate additional revenues from the taxes collected by the economic activity, something both parties said they want to encourage.
But this is such a small amount compared to the total debt, why do it?
Using the correct form of the Lao-tzu quote: “The journey of a thousand miles begins beneath one’s feet.” Lao-tzu believed action naturally arises from stillness. This country has been still on its money production policies, it is a natural move to eliminate the one-dollar note. Or to use the more colloquial version: “A journey of a thousand miles begins with a single step.”
Borrowing an anonymous response to a previous post:
You people need to get over yourselves - put it to a vote and the public does not want or need dollar coins! / Just because coin collectors want coins doesn't mean the rest of us need to suffer. / If it's dollar coins versus dollar bills... bye bye dollar coins.
It looks like saying that countries like Australia, Canada, France, Japan, the Netherlands, New Zealand, Russia, and the United Kingdom eliminated their unit currency in favor of coins is not a good argument for some. Or that the European Union started this century with producing only a coin for the 1-Euro denomination will not work either. How about this:
Supporting the elimination of the paper dollar is the patriotic thing to do!
Is it patriotic to continue to waste money? Or is it our patriotic duty to do what is in the best interest of the country even it means making a few minor sacrifices for the common good? True patriots will make the adjustments and do what is right by the country!
Sacrificing for your country is the patriotic thing to do!
6 comments:
This article is a typical example of a good motivational appeal based upon an emotionally-backed position aka. propaganda!
How patriotic is it to wish your fellow countryman has to pay more for everything he buys? Is this for the better good?
It could have just as easily have been said that prices, once the dollar bill is eliminated WILL go up (as they did in other countries who went to this concept - such as Canada - do some homework) since the dollar takes the place of the quarter as what one thinks of as "pocket change." So we the people end up having to spend more and prices are raised.
And, considering that tax dollars are not being used to make dollar coins, we are, instead, actually looking at bolstering the profits of the mint vs doing the "better good" for all US citizens!
Hence it is JUST as patriotic to KEEP the dollar and spurn the unwanted-by-the-masses dollar coins.
My point? NEITHER position can be called "patriotic" with an implication that doing otherwise is not being American.
I stand by my sentiments.
Second, if you provide me with verifiable FACTS about the claims in your third paragraph, I will be more than happy to consider it. However, without FACTS it is anecdotal and not something I would consider.
I totally agree with the author who is publishing a great blog. The last article about collecting Lincolns was wonderful.
I personally love cents and five cent pieces, even though they are now short lived. If you study US coinage you will see that a cent used to buy a lot more. Now even a greenback buys virtually nothing. That is the evolution of our money , and the inflation of it.
If we don't eliminate the cent, five cent, and one dollar currency, then we are doomed
P.S.
with facts:
The USMint spends half of its time and labor making Zincolns.
The Treasury Department spends half of its time making Georges.
And nobody now wants either one of them.
That is a waste of money.
Each and every one of us has to right to express our own selves. Sentiments can do good especially when our objective is for the good of every body.
We need to end the arguments against using the dollar coins, and start circulating them. Once they start circulating, people will use them. When was the last time you got a dollar coin in change? Or a half dollar for that matter. If you are lucky ,maybe you will see one a year. The Federal Reserve can force the use of the dollar coins, by requiring it’s customers to take one coin dollar for every paper dollar they receive. The banks would then be forced to do likewise. It is business that is primarily resisting the use of dollar coins, NOT so much the public. It is time to set a target date to phase out the dollar bill, (two years is reasonable) and start using the millions of dollar coins in the vaults immediately. Not only would it save money, but it would educate people that have never even held one of the Native American dollar coins, or an SBA dollar coin in their hands. Even the Kennedy half dollar coin rarely circulates. Eliminating the dollar bill would force the use of these coins. Millions of cash registers, money changing machines, and vending machines would have to be changed out or manufactured. That would require hiring more people. Over-all it saves money, and would be good for the economy.
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