You know what is really wasteful? Those presidential dollar coins produced by the US Mint.
Vice President Joe Biden today announced the U.S. Mint would suspend the production of dollar coins for circulation, which according to a release from the White House, “will save taxpayers at least $50 million per year in production and storage costs.”
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Biden announced during conference call that he was “intent on changing the way the government does business,” reminding listeners that “nobody wants these coins.”
After Biden spoke, Treasury Secretary Timothy Geithner joked that “under relentless pressure” from Biden, the Treasury Department found ways to cut government spending.
“We shouldn’t be wasting money on money,” Geithner said.
According to the release, the US Mint will continue to produce enough presidential dollars for collectors.
The dollar coin became an issue, after reports this summer revealed that the Federal Reserve was sitting on over $1 billion worth of the coins, minted for circulation.
The US Mint has unsuccessfully tried to introduce dollar coins into the nation’s currency, which proponents (and yes, even lobbyists) argue could save an estimated $5.6 billion if it replaced the dollar bill.
