The article discusses the end of penny production announced by President Trump, while noting the penny's significant loss in value over the years. Inflation and government spending under recent administrations, especially Biden's, have cut the purchasing power of the penny drastically, making it costlier to produce than its actual value. This trend reflects deeper issues related to currency devaluation and fiscal policy, illustrating how the currency's purchasing power has diminished over decades. The discontinuation of the penny signals broader economic challenges related to inflation and government spending.
The demise of the penny was inevitable given the erosion of its value - and that of the dollar, too.
Today the purchasing power of 10 pennies equals roughly what one penny was worth 50 years ago.
It costs more than three cents to mint each one of the new pennies, resulting in a money-losing proposition for Uncle Sam.
The end of the copper penny represents a surrender in the fight against inflation.
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