Paulson: Penny now worth less
Hank "Strong Dollar" Paulson was out trashing our currency again today. In a radio interview he said that he would support getting rid of the penny since it is "worth less than any other currency":
Asked Friday whether he thought the penny should be eliminated, Paulson agreed that it would make sense, saying, "The penny is worth less than any other currency."
However, he quickly added that he didn't think it was "politically doable" to eliminate the one-cent coin and it wasn't something he planned to tackle in the final year of the Bush administration.
Mr. Paulson, who exactly is responsible for the penny becoming "worthless"? Do you feel that you had anything to do with it? What about your friends Bernanke and Greenspan? The penny used to be worth something. The value didn't disappear by magic.
So, instead of admitting that they've destroyed the value of our currency by eliminating the penny, what are they planning? Why, to make the production of the penny cheaper. Because, when it costs more than a penny to make a penny, even the government doesn't like that sort of profit proposition:
Asked about Paulson's penny comments, Treasury spokeswoman Brookly McLaughlin said that Treasury has not taken any steps to eliminate the penny but is considering changing the metal content to lower production costs.
"To address the growing cost of producing the penny, we have asked Congress for the authority to adjust the metal content in our coins," she said.
