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Tag: Coinage

All that Congressmen claim glitters is not necessarily gold

By JGillman, Section News
Posted on Fri Oct 07, 2011 at 08:17:41 AM EST
Tags: Trillions, More Trillions, Dave Camp, Fred Upton, Super Committee, Spending, Currency, Coinage, Arizona, Schweikart, Reinforced Pockets (all tags)

Let me start by telling Michigan Congressmen and Super Committee members Dave Camp and Fred Upton--I am not yelling (or typing, rather) at you--I am yelling (yeah, typing) to you.

"Balancing the budget" by killing the dollar bill and forcing Americans to carry little burlap bags full of dollar coins like it is the 12th century, not the 21st? I know this is RightMichigan.com, not 30 Rockefeller Center, but... Seriously?

According to Roll Call, that's the proposal being floated by a "Republican" Congressman from Arizona by the name of Dave Schweikart. (Because the last time Republicans followed the lead of an Arizonan it worked out so well. (ZING!))

Schweikart (pictured at right swimming in cold, hard home-state-mined cash) claims that burning all the paper money and forcing Americans to use those gold colored copper one-dollar coins (you know, the ones you immediately hand back to the cashier or the bank teller asking for "real money" every time she tries to hand it to you?) will help balance the budget by saving less than $200 million a year. Coins are more durable, the argument goes, so they'd last longer and cost less to reproduce.

Yeah they last longer. Because they sit in the bottom of our sock drawers since you'd have to lug around eight pounds of metal to buy a freaking Big Mac! The American people have had the option -paper or coin--for years. We've chosen lighter pockets and fewer trips to the chiropractor.

Camp and Upton sit on the powerful Super Committee and have not yet provided any clear inclination that they back this expensive, onerous, poorly thought out bit of cow-towing to Arizonan special interests (I'll get there, bear with me), but its just a sneakily stupid enough of an idea I figured it'd be worth raising the red flag.

Please read more below the fold.

(13 comments, 745 words in story) Full Story