Now that you've had a chance to read, review, and reflect on "The Penny Debate," record your thoughts and feelings about whether to keep or eliminate the penny. Remember to focus on content rather than grammar or mechanics. Once the timer stops, you can always click on "My Journal" to continue writing or make any changes.
After reading and reflecting on "The Penny Debate," I am convinced that it is time to eliminate the penny. The arguments presented in the article and the accompanying evidence make a compelling case for the penny's irrelevance in today's economy.
One of the main points highlighted in the article is the cost of producing and maintaining pennies. It is astounding to learn that it costs more to produce a penny than its actual value. This inefficiency is further compounded by the fact that pennies are often hoarded, discarded, or lost, resulting in a significant waste of resources. It is wasteful to spend money on producing a coin that has such little purchasing power and is not utilized effectively.
Furthermore, the article suggests that eliminating the penny would benefit both consumers and businesses. For consumers, it would simplify transactions and reduce the time spent counting and sorting pennies. Small purchases could be rounded to the nearest nickel, a change that is unlikely to significantly impact the average individual's finances. As for businesses, eliminating the penny would streamline operations and reduce costs associated with handling and processing large quantities of pennies.
Another important consideration is the impact on charitable organizations. The article reveals that many non-profits and donation drives are hindered by the use of pennies. Counting and processing large volumes of pennies can be a time-consuming task, diverting resources away from more meaningful activities. Removing the penny from circulation would alleviate this burden and potentially encourage more people to give to charitable causes.
Admittedly, some argue that the elimination of the penny would result in price rounding and lead to higher costs for consumers. However, the article effectively counters this argument by stating that countries like Canada and Australia have successfully phased out the penny without significant negative effects.
In conclusion, it is evident that the penny has become an outdated and burdensome form of currency. Its production costs, lack of practicality, and impact on various stakeholders make a strong case for its elimination. It is time for the United States to follow in the footsteps of other nations and discontinue the use of the penny.