Trump Orders Treasury to Halt Minting New Pennies to Cut Waste
In a move to cut waste and streamline government spending, President Donald Trump has ordered the Treasury Department to halt the minting of new pennies. The decision comes as part of the administration’s efforts to reduce unnecessary costs and improve financial efficiency.
The penny, long considered a symbol of American currency, has faced criticism in recent years for being costly to produce and largely unused in daily transactions. According to the U.S. Mint, it costs more than 2 cents to produce each penny, leading to an annual loss of millions of dollars for the government.
In a statement, President Trump emphasized the need to prioritize fiscal responsibility and eliminate wasteful spending. “We cannot continue to mint coins that cost more to produce than they are worth,” he said. “It is time to make tough decisions and cut unnecessary expenses in order to improve our financial health.”
The decision to halt the minting of new pennies is expected to save the government millions of dollars each year. The move will also help reduce the strain on the U.S. Mint, which has faced budget cuts and staffing reductions in recent years.
Critics of the decision argue that eliminating the penny could have negative consequences for consumers and businesses. Some worry that rounding prices to the nearest nickel could lead to higher costs for consumers, while others fear that businesses could face logistical challenges in adjusting to a penny-free economy.
However, supporters of the move argue that the penny has outlived its usefulness and is no longer a practical form of currency. They point to the increasing use of electronic payments and the declining use of cash in everyday transactions as evidence that the penny is no longer necessary.
While the decision to halt the minting of new pennies is likely to spark debate and controversy, it reflects the Trump administration’s commitment to cutting waste and improving financial efficiency. As the government looks for ways to reduce spending and improve its financial health, the elimination of the penny could be just the beginning of a larger effort to streamline government operations and save taxpayer dollars.