In a significant move to reduce federal spending, President Donald Trump has ordered the cessation of penny production, citing the high costs involved. Announced on Truth Social, Trump emphasized the need to eliminate wasteful budget items, noting that producing each penny costs more than twice its face value. This decision has provoked discussions on fiscal policy and the extent of presidential authority, as the power over coinage typically resides with Congress. Despite the support of Elon Musk’s Department of Government Efficiency, which champions reducing outdated practices, the move faces potential legal obstacles and highlights broader questions about cost management in government operations. As debates ensue, the directive’s long-term viability remains uncertain without legislative backing.
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Former President Donald Trump has sparked a debate on U.S. currency policy by urging the Treasury to halt penny production, citing cost inefficiencies. Announced on Truth Social, Trump’s proposal highlights the expense of manufacturing pennies, which now costs more than the coin’s face value. While some view the penny as a nostalgic element of American currency, critics argue it is an economic drain. Economic analysts support the proposal for its focus on fiscal efficiency, while small business owners worry about potential disruptions in transactions. As the Treasury Department reviews this fiscal proposal, the nation is prompted to balance tradition with modern economic strategies.