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 Replies: 99 / Views: 9,554 |
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Pillar of the Community
United States
1130 Posts |
People from Canada: Are there any cents still circulating up there?
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Pillar of the Community
United States
979 Posts |
"Why is it acceptable to allow the Chinese to make our computers and phones (and thousands of other things) but not low denomination coins ?"
If we made things here in the US instead of outsourcing everything, maybe we could fix the REAL problem with debt in this country. It's not our debt that's crushing us, it's the defect. And not to mention the jobs it would create.
Any company that tries to make things in the US gets crushed. But if ALL companies made their products here, our entire nation would flourish. Sure, they would have to raise prices, but there would be more money in our system so people could afford more.
Henry Ford, an industrial genius, paid his workers a ridiculous amount of money for that era (early 1900s). But he made it all back when his workers bought the models Ts that they were making.
This is why the penny and nickel are so damaging. The cost of making those coins LOWERS the GDP which in turn increases the defect. More defect, more debt. These coins are just one of many holes in this sinking ship, but non should be ignored.
Even if there were no problems with the minting of the coins in china, and even if we got them cheaper that their face value, it still makes more problems.
We simply would take US jobs and turn them into Chinese jobs. This is what our country has been doing for many years now, and it is catching up with us in a bad way.
At my school, the "take a penny leave a penny" is full of pennies (I take any wheaties ^_^) nickels, dimes, even quarters. People in general care VERY little about coins.
In fact, I think that might be one of the weirdest things about coin collecting. Most people hate change (I used to), so the idea of putting coins on a pedestal seems foreign, if not insane.
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Pillar of the Community
Canada
2805 Posts |
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People from Canada: Are there any cents still circulating up there? No! Since February 2012, banks can no longer distribute them. Some stores have little caches left-over, but these are usually kept, rolled, and returned. I have not received a penny in change from a store for about a year. Luckily, many people have large penny jars I can look through - some will give them away, thinking the penny has been demonetized!! (it will always be legal tender) |
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Pillar of the Community
United States
8137 Posts |
I agree with Broseph. Now if only the government would look here...
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Pillar of the Community
 United States
2448 Posts |
Agree with Sap's idea. The mint would then get to charge actual manufacturing costs for the sets. Eventually, and unfortunately, we are rapidly heading toward a cashless system of commerce anyway.
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Pillar of the Community
United Kingdom
837 Posts |
I dont think a cashless system of commerce will happen what will happen is that eventually there will be an equilibrium between cash and cashless transactions and we are now now reaching that point already ....
Edited by DaytR
10/17/2013 3:25 pm
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Bedrock of the Community
13014 Posts |
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Sure, they would have to raise prices, but there would be more money in our system so people could afford more. The brutal truth is youd actually be able to afford a lot less and the standard of living would go down significantly if everything was made here. The government would get more tax money but your salary wouldnt be increased to adjust for the new cost of goods thats substantially higher. The extra cost is absolutely justified for things that have to do with national security or infrastructure, but our days of being a cheap manufacturing power house are long gone. |
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Pillar of the Community
United States
979 Posts |
The reason taxes are high is because buying is low and our debt is so high. If buying was high and our debt was low, taxes could be lowered.
Flooding the government with cash would be good for the economy in many way. One example: Schooling would stop being cut back, schools would stop fusing together. Then kids wouldn't get left in the dust in classes with so many kids. Teachers are getting let go and classes are being fused. Children are the future. Our school system gets worse every year, and our population is seeing the effects.
Depending on what stage of life you are in, what workforce you are a part of, and what demographic, you see different places where the down economy is hitting us. I have many fiends and family in all different walks of life and I can say EVERYONE is getting pinched by the economy in many ways.
The fact of the matter is, the only reason China wants our dollar strong is because they hold much of our debt. They also know that when we have money, we spend it their and stimulate their economy. We, as a nation, need SOMETHING to contribute.
The idea behind getting rid of the penny and nickel being that we can start by NOT producing things that hurt our GDP.
Actually making products to help the GDP? The best thing anyone can really do is buy local. Wether its veggies or handmade goods, nothing like buying from someone in arms reach. Even the internet market of buying outside of one's own town has had negative effects, especially on small towns. Just goes to show the importance of keeping money flowing in system. If you have a negative amount (deficit)... well, just look at the government!
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Bedrock of the Community
13014 Posts |
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The reason taxes are high is because buying is low and our debt is so high. If buying was high and our debt was low, taxes could be lowered. Could and would is a different argument, but regardless it wouldnt matter for cheap non skilled manufacturing. At best we would get into it some with robotic factories. The cost of living is just to high in the US as is the cost of a US worker. The only way to bring back those jobs without cutting ourselves off from world goods would be to strip all benefits and pay less than minimum wage. Healthcare benefits alone in the US cost more than several workers in other countries and that doesn't even count salary. It would also really end up costing jobs. Other than the top 1 to 5 percent the increased cost of every day items would basically cripple most peoples disposable income which would affect any leisure business or restaurant ect. I mean we already could make the business tax more attractive to encourage jobs to come/stay but dont. Even if we said were making everything ourselves now and buying nothing the likely response would be them cutting off our supply of materials. Skilled labor or specialized labor is a different story but without falling greatly in the world pecking order were not going to return to unskilled cheap manufacturing. Getting rid of the penny would and wouldnt help. Its so little it doesn't really matter until other things are addressed but they do end up in charity bins and things of that nature. They do get used for good. Like you pointed out the economy is not very healthy right now. Its usually not a great idea to really rock the boat like that in times like these, if we can get back to like an 04 05 economy thats the time where the serious discussion should take place. Right now though shocking the system doesn't seem like the greatest idea to me. Its certainly a discussion worth having at some point, but lets get on better footing first. |
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Replies: 99 / Views: 9,554 |
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Posted 10/17/2013 12:22 pm
