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Bean's gonna solve the debt crisis right now....

Beantown

Beantown

Well-Known Member
With pennies...

Hear me out, it would be a 3 step process involving pennies.

#1-Stop spending money processing and creating pennies, the money saved is donated to paying the debt down.

#2-Donation of pennies to a governmental fund directly for paying down the debt, a program to get kids involved where the top child from every state who finds the most pennies or gets penny donors would win a college scholarship.

#3-Round up each taxable purchase to the nearest nickel, Example: you pay 1.02 for a burger after tax and its round up to 1.05, those three cents are donated to the fund directly responsible for paying the debt down.

You're welcome.
 
That sounds like the Superman scam. Why don't we just route the partial pennies of all US transactions of any sort into my bank account in the Cayman Islands? Nobody will miss it.

We would be "paying down" my debt that way... then I could use my surplus to pay down the US debt directly through a monthly wire transfer.
 
Beantown said:
#3-Round up each taxable purchase to the nearest nickel, Example: you pay 1.02 for a burger after tax and its round up to 1.05, those three cents are donated to the fund directly responsible for paying the debt down.

You're welcome.
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You just lost nearly all GOP votes. Grover Norquist will call that a tax.
 
Sirkickyass said:
You just lost nearly all GOP votes. Grover Norquist will call that a tax.
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But its not a tax on income, just purchases. Plus each purchase would have to be rounded to .5 since there would be no pennies in circulation.

It would not effect anyone's bottom line. It would take longer but maybe it could only be done if its cash purchases or something. I cant it see it harming anyone's finances.

But there are millions of transactions a day in which pennies would go into this fund.
 
Beantown said:
But its not a tax on income, just purchases. Plus each purchase would have to be rounded to .5 since there would be no pennies in circulation.

It would not effect anyone's bottom line. It would take longer but maybe it could only be done if its cash purchases or something. I cant it see it harming anyone's finances.

But there are millions of transactions a day in which pennies would go into this fund.
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Grover Norquist's state pledges state that they apply to all taxes, not just income taxes.

I guarantee you Norquist would go totally ape**** over plank three.

I'm not saying it's a bad idea; I'm saying it's not feasible in the current political environment after what we just witnessed.
 
Sirkickyass said:
Grover Norquist's state pledges state that they apply to all taxes, not just income taxes.

I guarantee you Norquist would go totally ape**** over plank three.

I'm not saying it's a bad idea; I'm saying it's not feasible in the current political environment after what we just witnessed.
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I believe if it was to a vote most Americans would agree with something similar to this idea. Everyone's is sick of the economy and America being in debt. This could solve the problem by not making major cuts to governmental programs and not raising income tax.
 
I'm skeptical that this is your idea or that it would make a sizable impact, but this is a pretty good idea.
 
I'm all for eliminating pennies. I don't even care if it helps the economy. They are annoying.
 
NUMBERICA said:
I'm skeptical that this is your idea or that it would make a sizable impact, but this is a pretty good idea.
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It really is my idea, it would take along time for sure. I'm trying to find out how many purchasing transaction happen per day.

Because it would only be $20,000 per day in paying off the debt if there were 1 million transactions and the average rounding up was .02 cents.

But my guess is there are at least 1 million transactions in just the walmarts, and another 1 million purchases in just gasoline. So maybe it would move quicker. But my guess is still about 20 years.
 
Beantown said:
With pennies...

Hear me out, it would be a 3 step process involving pennies.

#1-Stop spending money processing and creating pennies, the money saved is donated to paying the debt down.

#2-Donation of pennies to a governmental fund directly for paying down the debt, a program to get kids involved where the top child from every state who finds the most pennies or gets penny donors would win a college scholarship.

#3-Round up each taxable purchase to the nearest nickel, Example: you pay 1.02 for a burger after tax and its round up to 1.05, those three cents are donated to the fund directly responsible for paying the debt down.

You're welcome.
Click to expand...

Not bad. Not bad at all. Send me your name and I'll write you in when I vote for president. If you can stick to your guns I'll like you better than Obama, that's for sure.
 
How bout we just stop using paper currency since all everyone does is lose their change anyways!
 
I like it! I would vote for that in a heartbeep.
 
interesting idea Bean - in a similar vein it would be a capital idea to replace the one dollar bill with a one dollar coin. Since coins last so much longer than paper money and are easier to machine count and handle, it'd save money.

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From what I can find online there were 2,354,000,000 pennies made in 2009. So they are still making a crap load of them.

Also from what I'm reading it at least costs a penny to make a penny.
 
moevillini said:
interesting idea Bean - in a similar vein it would be a capital idea to replace the one dollar bill with a one dollar coin. Since coins last so much longer than paper money and are easier to machine count and handle, it'd save money.
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well, this is rather outdated, I'm sure the costs are different now, but the lifespan issue wouldn't have changed - nor the savings in processing and handling

CBO Testimony
Statement of James L. Blum, Deputy Director Congressional Budget Office

Creating a New One-Dollar Coin
before the Committee on Banking, Housing, and Urban Affairs
United States Senate

July 13, 1995
COST SAVINGS TO THE GOVERNMENT

The total cost of producing and processing coins and currency could be reduced by substituting dollar coins for dollar notes because the long-run annual cost of a coin is lower than the corresponding cost of a note. A dollar coin would cost about 8 cents to produce, which is more than twice the 3.8 cents that it costs to produce a dollar note. The higher initial cost of the coin is more than offset, however, by its significantly longer useful life (30 years versus 1.5 years). In addition, the costs to the government of maintaining the quality and integrity of coins are lower than they are for notes, which must be inspected individually for fitness and counterfeits. By contrast, coins can be checked by weight.
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https://www.cbo.gov/doc.cfm?index=5499&type=0
 
Would never work. Since everything would be rounded up to the nearest .05, as a business owner I would simply price everything so that it rang up to the nearest .05 and keep the pennies myself. You really don't think that a company like Wal-Mart wouldn't try the same thing?
 
Scat said:
Would never work. Since everything would be rounded up to the nearest .05, as a business owner I would simply price everything so that it rang up to the nearest .05 and keep the pennies myself. You really don't think that a company like Wal-Mart wouldn't try the same thing?
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Well of course you would have to make companies comply. I'm sure they would choose this over sales tax increase or income tax increase.
 
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