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Another Argument Over Money

Recorded on April 16, 2012

From The Heritage Foundation, I'm Ernest Istook.

Nobody can grasp trillion-dollar deficits. But we all understand dollars and cents.

Congress is debating whether to abolish pennies; or replace dollar bills with coins.

Do you bother to pick a penny off the sidewalk? Do you use penny trays at checkouts, because the coins are a nuisance? And each penny costs about 2 1/2 cents to mint.

But are you ready to have your purchases rounded up or down to the nearest nickel?

And should we replace dollar bills with coins? Coins last longer, but how much jingling can you take? The Susan B. Anthony and Sacajawea dollar coins were not successes.

So who really cares? Lobbyists hired by those who provide the ink and special paper, unions representing engravers, and those who provide copper and other metals for coins. Making money is big business, and they're fighting over which companies should get the work.

From The Heritage Foundation, I'm Ernest Istook.