Law and Rights
About six months ago we blogged how lowering the federal deficit could happen by half a billion dollars if the federal government would just stop printing dollar bills and people starting using the dollar coin instead. Well, it turns out we were wrong. It's actually a lot more than that.
There's a new federal government study out that says the amount saved would be 5.5 billion dollars because a coin can last for decades but most dollar bills have a lifespan of only about a hear and a half. The study came to the "duh" realization that prior attempts to get people to use the dollar coin have largely failed because the government just kept right on printing the dollar bills too - and people just don't like to change what they are used to.
In Canada and the United Kingdom both of those countries stopping printing the paper version of the coin and after a couple of years, the public accepted it as part of life.
There's no rational reason to be using dollar bills anymore because, like they say on tv, don't waste your money - and don't waste your government's money either.
Good Magazine has a great article on their web site that delves into the wasting of money in the paper vs coin argument, and it's well worth the read by clicking here.
So, if you really want to help the government save money, stop using one dollar bills. And if you really want your elected officials to help save the government save money, tell them to stop printing one dollar bills. Once that happens, then we can start working on the pennies too.
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Law and Rights
Changing the Paper Would Save Gov't Billions just by getting rid of dollar bills
About six months ago we blogged how lowering the federal deficit could happen by half a billion dollars if the federal government would just stop printing dollar bills and people starting using the dollar coin instead. Well, it turns out we were wrong. It's actually a lot more than that.
There's a new federal government study out that says the amount saved would be 5.5 billion dollars because a coin can last for decades but most dollar bills have a lifespan of only about a hear and a half. The study came to the "duh" realization that prior attempts to get people to use the dollar coin have largely failed because the government just kept right on printing the dollar bills too - and people just don't like to change what they are used to.
In Canada and the United Kingdom both of those countries stopping printing the paper version of the coin and after a couple of years, the public accepted it as part of life.
There's no rational reason to be using dollar bills anymore because, like they say on tv, don't waste your money - and don't waste your government's money either.
Good Magazine has a great article on their web site that delves into the wasting of money in the paper vs coin argument, and it's well worth the read by clicking here.
So, if you really want to help the government save money, stop using one dollar bills. And if you really want your elected officials to help save the government save money, tell them to stop printing one dollar bills. Once that happens, then we can start working on the pennies too.
Burdge Law Office
www.OhioConsumerLaw.com
Helping consumers fight to keep their money, every day.
www.OhioConsumerLaw.com
Helping consumers fight to keep their money, every day.
Subscribe in a reader- Dollar Stores Now Outnumber National Retail Pharmacy Chain Stores
Another sure sign that people have changed their ways? Dollar stores - stores that specialize in selling items priced at $1 or less - now outnumber all the drug stores in the country. It's a sign of the times that there are now over 21,500 "dollar"...
- China Buys Saab - Are They Buying Everything?
Well, there's good news and, maybe, bad news. Chinese companies, encouraged by government bureaucrats to expand ownership of foreign companies and assets, have now pledged to buy Saab, the Swedish auto maker that has been struggling to survive ever...
- Changing Paper Would Save Us $500 Million
With the federal deficit never ending and never lowering, there could be an easy way to make at least a half billion dollar dent in it. There is one thing they (or we) could do that would reduce the federal paperwork by over $522 million. It's simple....
- Who Files The Most Lawsuits?
A lot of folks seem to think that most of the lawsuits in the US are filed by professional litigators who cruise the drive thru at McDonalds looking for that perfectly hot cup of coffee that will make them rich. Well, not only is the original McDonalds...
- Auto Help On The Way?
Corporate "suits" from the Detroit Big 3 showed up in Washington DC to testify before the US Congress on November 19 on why they needed to be part of the government's latest handout --- er, bailout --- program. It didn't help that they each flew...