Eliminating $1 Bills Could Save Billions - New England Patriots Forums

PatsWSB47 · 03-09-2011, 11:20 AM

eliminating-1-bills-could-save-billions: Personal Finance News from Yahoo! Finance

Quote:

Washington has come down with a case of fiscal fever as the Obama administration proposes everything from spending freezes on domestic programs to selling off unused government property to bring the budget back in line. Now, one study argues that the government can save billions of dollars simply by making a change to the currency itself.

The GAO estimates that phasing out dollar bills in favor of coins would require a four-year transition period, during which the government invests in the new currency, but following that, the government would save an expected $522 million each year from the change.

Unfortunately, as the GAO notes, there is one problem with the plan: When given a choice between dollar coins and dollar bills, Americans always choose bills.

Still, we'd like to pose the question to readers. Would you be willing to eliminate dollar bills and switch to coins if it meant improving the country's balance sheet?

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I would

chicowalker · 03-09-2011, 11:25 AM

If we're just getting rid of singles? Sure

(but can we get rid of pennies, too?)

***DarrylS*** · 03-09-2011, 11:30 AM

I use Sacagawea Dollars all of the time, usually with very mixed results.. this will be a difficult change, which I support..

In Canada believe they did away with 1 & 2 dollar bills.. the infamous loonie..

Support this completely....

The Brandon Five · 03-09-2011, 11:35 AM

Quote:

Originally Posted by DarrylS

I use Sacagawea Dollars all of the time, usually with very mixed results.. this will be a difficult change, which I support..

In Canada believe they did away with 1 & 2 dollar bills.. the infamous loonie..

Support this completely....

EU and UK as well. A pocket full of change means you can retire.

PatsWSB47 · 03-09-2011, 11:39 AM

Quote:

Originally Posted by DarrylS

I use Sacagawea Dollars all of the time, usually with very mixed results.. this will be a difficult change, which I support..

In Canada believe they did away with 1 & 2 dollar bills.. the infamous loonie..

Support this completely....

It makes so much sense. I mean it's not that burdensome of a change(pun not intended) is it? No one suffers, though dollar bill machines would go the way of 8-tracks.

***Nikolai*** · 03-09-2011, 01:08 PM

When I clean my car in the states, I find enough change to give exact change at Dunkin Donuts. When I used to clean my car in Canada, I would find enough change to take my girlfriend on a date.

Yep, do it.

Seriously, it makes a ton of sense. They've tried it before, but people love being cash rich and money poor for some reason.

***DarrylS*** · 03-09-2011, 03:32 PM

If you want to have fun, bring sacagawea dollars to a really long line at Wal Mart.. see the confusion you will create.

wistahpatsfan · 03-09-2011, 03:56 PM

This would be bad for the stripper industry.

scout · 03-09-2011, 04:19 PM

Quote:

Originally Posted by chicowalker

If we're just getting rid of singles? Sure

(but can we get rid of pennies, too?)

Which brings up a great point. We can't get rid of the useless penny, how would we ever eliminate the $1 Bill? There are people who will argue, that we can mint the penny and still break even. Seriously, logic 101.

PatsWSB47 · 03-09-2011, 06:19 PM

Quote:

Originally Posted by scout

Which brings up a great point. We can't get rid of the useless penny, how would we ever eliminate the $1 Bill? There are people who will argue, that we can mint the penny and still break even. Seriously, logic 101.

They'd be wrong. The penny shouldn't be part of the equation at all. A dollar coin can be used for decades and a dollar bill lasts how long? Then again strippers would have a hard time keeping a coin in a their g-strings

EDIT sorry just saw your post Wistah....keep your mind out of the gutter ;-)