Donald Trump has instructed the US Treasury to stop producing pennies, citing their high production costs and labeling them as wasteful.
Former President Donald Trump recently announced his decision to stop the production of pennies in the United States.
He described them as “wasteful,” emphasizing the fact that making them costs more than their actual value.
This move is part of his broader plan to reduce government spending.
Donald Trump initiates significant changes in Washington
Just three weeks into his second term, Trump is making significant changes in Washington.
He has signed several executive orders that cover a range of topics.
These include lifting the ban on TikTok and asserting that there are “only two genders.”
Trump has also made headlines by renaming the Gulf of Mexico to the Gulf of America and establishing the first US wealth fund.
In his latest order, Trump specifically targeted the penny.
He took to Truth Social, his social media platform, to express his concerns.
He stated, “For far too long the United States has minted pennies which literally cost us more than 2 cents.”
He emphasized that this practice is a waste of taxpayer money.
His goal is to eliminate unnecessary costs, no matter how small they may seem.
“This is so wasteful! I have instructed my Secretary of the US Treasury to stop producing new pennies. Let’s rip the waste out of our great nations budget, even if it’s a penny at a time.”
Producing pennies costs more than they’re worth.
According to the Department of Government Efficiency (DOGE), which is led by Elon Musk, minting pennies has cost American taxpayers millions of dollars.
This temporary organization was created to streamline government operations and cut down on wasteful spending.
DOGE aims to reduce unnecessary regulations and improve overall efficiency in federal agencies.
The financial burden of producing pennies is significant.
It costs the government more to produce each penny than the coin is worth.
This situation raises questions about the practicality of continuing to mint them.
By halting penny production, Trump hopes to save money and direct those funds to more essential areas.
Support from treasury officials to the decision of President Donald Trump
Trump’s decision has gained support from key officials within the government.
Treasury Secretary Scott Bessent has agreed to allow a team from DOGE to oversee the Treasury’s payment system.
This system is responsible for essential functions like distributing tax returns and federal benefits.
With this team in place, the Treasury can focus on cutting unnecessary expenses and improving efficiency.
However, not everything has gone smoothly.
A federal judge recently issued an order that impacts DOGE’s access to the payment system.
This ruling requires team members to delete any downloaded information from the system.
A hearing on this matter is scheduled for February 14, which will determine the next steps for DOGE and its initiatives.
Social media reactions
The public reaction to Trump’s announcement has been mixed.
Some people support the idea of eliminating pennies and agree that they are no longer useful in today’s economy.
Others, however, believe that the penny still has value and should remain in circulation.
One user said: Canada got rid of one cent coins years ago. When you pay electronically it’s the exact amount. When you pay with cash it rounds up or down to the nearest five.
There’s no need to produce a coin that costs more than it’s worth in a digital world.
The second user wrote: Was expecting this to happen. I have been saving my pre 1983 [ennies because tha last time I checked they contained three cents of copper.
Once they are no longer legal currency, I can take them in for scrap.
The third user commented: Only thing he’s done so far that makes sense; we’ve needed to get rid of pennies for a long time.
Another user said: While I agree with getting rid of the penny. This is going to be another rise in the price of goods. Nobody is going to round down!
Someone added: I hate to say it this should have been done years ago.