DOGE TARGETS THE PENNY PROBLEM: WHY MINT MONEY THAT LOSES MONEY?
DOGE's first revelation exposes an absurd inefficiency: The U.S. Mint produced 4.5 billion pennies in 2023 - each costing over 3 cents to make.
This negative-return manufacturing cost taxpayers $179M last year alone.
Even worse?
These pennies rarely circulate.
With 240 billion pennies already sitting idle in American homes (about $7.24 per person), we keep minting replacements for coins nobody uses.
It's exactly the kind of bureaucratic waste DOGE was created to eliminate.
Canada solved this by eliminating their penny in 2013.
Meanwhile, U.S. Treasury Secretary Yellen had the legal power to end penny production but wouldn't even discuss it - proving why we need DOGE to tackle these "small" inefficiencies that add up to massive waste.
Source: NY Times Magazine, @elonmusk
The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023.
The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.
Penny (or 3 cents!) for your thoughts.
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