February 14, 2012
Two Things to Like in the Obama 2013 Budget
One. He has one. <BenSteinVoice>Reid? Reid?</BenSteinVoice>
Two. Cheapening the currency. Not to be confused with monetizing the debt, he saves money by using cheaper materials to make nickles and pennies. I'd nuke them and round everything to a dime -- but it's a start.
Obama wants to change the composition of nickels and pennies to save money. The president's budget would give the Treasury Department the ability to "change the composition of coins to more cost-effective materials," pointing out the current cost of making the penny is 2.4 cents and the nickel is 11.2 cents. Of course, the value of the U.S. dollar isn't pegged to the materials that it's composed of, but it's still a compelling argument on its face. The composition of U.S. coins hasn't changed since 1981, the Wall Street Journal notes, while major components like zinc have become more expensive. Industry lobbyists stalled the proposal when Obama brought it up in 2010, but it may have new appeal to the frugally-minded.. Obama Administration Posted by John Kranz at February 14, 2012 12:43 PM