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by Roger Kahn
I was standing online at the superarket yesterday. As the cashier was making change for my purchase, the woman behind me says "I think they should stop making pennies". I was glad she was not talking to me. She was talkig to the cashier. The cashier the agreed with the woman. I don't know if she meant it or was just being nice to the customer.
Now this made me think. What would happen if the penny was discontinued? Well, the first thing that will happen is the price of almost everything will go up. Think about it. Lets say gasoline is $1.26 per gallon. Will the station owner drop the price to $1.25 to round it to the nearest nickle? Not likely. What is likely, he would raise it to $1.30.
Lets say a pack of gum costs $0.48. If there were no pennies, the price would go up to $0.50.
Of course it doesn't stop there. When you pay for that pack of gum, you have to pay taxes. In this state, sales tax is 6%. Do you thik it will go to 5% or 10%? It would be hard for the government to get away with with a 4% increase. What would happen instead is something gets cut from spending. Do you think the politicians will take a pay cut to balance the budget? Dream on. Do you think they will cut spending on something you or I will benefit from? That gets my bet.
So think about it, get rid of the penny and we will pay more and get less. Do you think getting rid of the penny so you have less pocket change is a good idea? Personally, I don't mind a few pennies in my pocket.
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