{"id":994,"date":"2025-01-23T15:48:08","date_gmt":"2025-01-23T15:48:08","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/elon-musks-doge-has-a-new-target-for-cutting-federal-spending-the-u-s-penny\/"},"modified":"2025-01-23T15:48:08","modified_gmt":"2025-01-23T15:48:08","slug":"elon-musks-doge-has-a-new-target-for-cutting-federal-spending-the-u-s-penny","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/elon-musks-doge-has-a-new-target-for-cutting-federal-spending-the-u-s-penny\/","title":{"rendered":"Elon Musk&#8217;s DOGE has a new target for cutting federal spending: the U.S. penny"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Billionaire Elon Musk&#8217;s Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S. penny.\u00a0<\/p>\n<p>In Tuesday X post, Musk&#8217;s DOGE <a href=\"https:\/\/x.com\/DOGE\/status\/1881928086305870127\" target=\"_blank\" rel=\"nofollow noopener\">wrote<\/a> that the U.S. spends about 3 cents to mint each penny, which, of course, is only valued at 1 cent.\u00a0<\/p>\n<p>&#8220;The penny costs over 3 cents to make and cost U.S. taxpayers over $179 million in FY2023,&#8221; DOGE wrote. &#8220;The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.&#8221;<\/p>\n<p>In pointing out the penny&#8217;s costliness, DOGE is taking aim at an issue that has sparked debate for years, although the price of manufacturing the cent has only grown over the past several years. In 2016, for instance, the U.S. was spending about <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/it-cost-1-5-cents-to-make-a-penny-last-year\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">1.5 cents to mint each penny<\/a><\/span>, or less than half of its current manufacturing cost.\u00a0<\/p>\n<p>Still, the cent&#8217;s $179 million in costs represents mere metaphorical pennies when it comes to DOGE&#8217;s mandate to cut federal spending. President Donald Trump has said DOGE will provide recommendations to &#8220;slash excess regulations, cut wasteful expenditures and restructure federal agencies.&#8221; Musk has said the group will aim to trim $500 billion in annual federal spending.\u00a0<\/p>\n<p>DOGE co-leader\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-doge-executive-order-elon-musk-us-digital-service-it\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Vivek Ramaswamy<\/a><\/span>, recently announced he is leaving the organization,\u00a0<a href=\"https:\/\/x.com\/VivekGRamaswamy\/status\/1881482161565618648\" target=\"_blank\" rel=\"nofollow noopener\">posting<\/a>\u00a0on social media on Jan. 20 that he will be stepping back from the effort to run for Ohio governor.<\/p>\n<p>On Monday, Mr. Trump signed an\u00a0<a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/01\/establishing-and-implementing-the-presidents-department-of-government-efficiency\/\" target=\"_blank\" rel=\"nofollow noopener\">executive order<\/a>\u00a0officially creating DOGE, which will be housed within the executive branch and focus on upgrading the government&#8217;s IT systems to &#8220;maximize governmental efficiency and productivity.&#8221;\u00a0<\/p>\n<h2>The penny&#8217;s rising cost<\/h2>\n<p>During the past year, the penny&#8217;s costs have only continued to rise, with the U.S. Mint&#8217;s 2024 <a href=\"https:\/\/www.usmint.gov\/content\/dam\/usmint\/reports\/2024-annual-report.pdf\" target=\"_blank\" rel=\"nofollow noopener\">annual report<\/a> finding that one cent now costs about 3.7 cents to manufacture and distribute.<\/p>\n<p>Pennies are mostly made of zinc, with a copper overlay to give them their distinctive color. While zinc&#8217;s price fluctuates from year to year, its cost per metric ton is now double what it was in 2016, according to <a href=\"https:\/\/fred.stlouisfed.org\/series\/PZINCUSDM\" target=\"_blank\" rel=\"nofollow noopener\">data<\/a> from the Federal Reserve Bank of St. Louis.<\/p>\n<p>Federal officials have proposed suspending the penny in prior years, with former Treasury Secretary Jacob Lew <a href=\"https:\/\/www.wsj.com\/articles\/lew-planned-to-put-susan-b-anthony-on-10-bill-1461083466\" target=\"_blank\" rel=\"nofollow noopener\">pushing the idea<\/a> in 2015. Some economists have also <a href=\"https:\/\/www.richmondfed.org\/publications\/research\/econ_focus\/2020\/q4\/federal_reserve_sidebar\" target=\"_blank\" rel=\"nofollow noopener\">advocated<\/a> for dropping the penny from circulation, but there could be a costly downside to ditching the cent, as transactions would be rounded to 5-cent intervals, the Federal Reserve Bank of Richmond said in a 2020 blog post.<\/p>\n<p>&#8220;For a single item or small-value purchase, rounding up or down could represent a significant price change,&#8221; the post noted.\u00a0<\/p>\n<p>Other nations have ditched their equivalent of the penny, including Canada, which stopped <a href=\"https:\/\/www.mint.ca\/en\/blog\/2022-06-legacy-of-the-penny?srsltid=AfmBOoqCG-XZVHh-FgfprYfgS2Hp-TIxAft_WYdXLktZgxGygKSRa8S2\" target=\"_blank\" rel=\"nofollow noopener\">minting <\/a>its one-cent coin in 2012. One 2018 <a href=\"https:\/\/link.springer.com\/article\/10.1007\/s11293-018-9584-8\" target=\"_blank\" rel=\"nofollow noopener\">economic analysis <\/a>found that Canadian consumers paid about $3.27 million in additional Canadian dollars at grocery stores each year due to prices being rounded higher after the change.<\/p>\n<p>&#8220;On the other hand, there may be additional, hard-to-quantify costs to using pennies that would argue in favor of elimination. Counting pennies to make change takes time, and as the old business adage goes, time is money,&#8221; the Richmond Fed noted.\u00a0<\/p>\n<p>DOGE might want to set its sights beyond the lowly penny, as it&#8217;s not the only coin that costs more to mint than it&#8217;s worth. The U.S. Mint&#8217;s 2024 annual report noted that it spends about 14 cents to make and distribute each nickel.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p><!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/aimee-picchi\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Aimee Picchi<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/elon-musk-doge-trump-federal-spending-penny-179-million\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Elon Musk&#8217;s Department of Government Efficiency has a new target in its sights for trimming federal spending: the U.S.<\/p>\n","protected":false},"author":1,"featured_media":995,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk&#039;s DOGE has a new target for cutting federal spending: the U.S. penny - World News<\/title>\n<meta name=\"description\" content=\"Elon Musk&amp;#039;s DOGE is taking aim at the U.S. penny, pointing out that it costs more to manufacture than it&amp;#039;s worth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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