Obama Says Costly Penny Should Go

Friday, 15 Feb 2013 01:01 PM

By Cyrus Afzali

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Like a growing number of Americans, President Barack Obama says he'd like to get rid of the penny, but doubts Congress will move anytime soon to grant him the authority to end production of the coin, according to The Hill.

While conceding that the penny has come to represent another one of Washington’s inefficiencies, President Obama said this week he doubts Congress will move quickly to discontinue its production.

Asked during an online chat Thursday why the production of pennies continues in light of costs that exceed their worth, he chalked it up to the fact that “people get attached emotionally to the way things have been.”

He added that penny production illustrates how Washington sometimes helps to institutionalize inefficiencies.

“Any time we’re spending money on something people aren’t going to use, that’s something that should change,” he said.

The president said he has asked Congress to grant him the authority to reorganize a number of federal agencies that have become inefficient, but until they take action, he lacks the ability to eliminate the penny or take additional steps to modernize other areas of government.

“The penny is something I need legislation for and, frankly, given all the big issues, we’re not able to get to it,” he said.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Washington Museum Won't Give up Guns After All

Saturday, 22 Nov 2014 20:47 PM

A small museum in northwestern Washington state says it won't be removing all of the weapons from its World War II exhib . . .

State Senator Protesting Ferguson a Victim of Attempted Carjacking

Saturday, 22 Nov 2014 19:56 PM

A Missouri state senator and gun-control advocate who has protested police actions in Ferguson surrounding the Michael B . . .

FBI Arrests 2 Would-be Ferguson Bomb Suspects

Saturday, 22 Nov 2014 18:05 PM

Two men suspected of buying explosives they planned to detonate during protests in Ferguson, Missouri, once a grand jury . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved