Last month, Canada announced it would no longer mint pennies. That makes a lot of sense; perhaps America should follow suit. In 1913 the once-proud penny had 23 times the purchasing power it does now. Today, the penny is essentially worthless, its inglorious decline attributable to the pernicious effects of inflation. Ironically, each penny costs almost two cents to produce, adding to the National Debt, which is just another reason many folks consider the penny to be a financial nuisance.
The bottom line: When I find a penny in the street, I kick it to the curb. It’s time Congress did too.
Photo Credit: Thomas Barker