{"id":2400969,"date":"2025-02-10T11:40:02","date_gmt":"2025-02-10T16:40:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-axes-the-penny-in-latest-round-of-federal-cuts-this-is-so-wasteful\/"},"modified":"2025-02-10T11:40:25","modified_gmt":"2025-02-10T16:40:25","slug":"trump-axes-the-penny-in-latest-round-of-federal-cuts-this-is-so-wasteful","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-axes-the-penny-in-latest-round-of-federal-cuts-this-is-so-wasteful\/","title":{"rendered":"Trump Axes the Penny in Latest Round of Federal Cuts: &#8216;This Is So Wasteful!&#8217;"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-axes-the-penny-in-latest-round-of-federal-cuts-this-is-so-wasteful%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2400969&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><\/p>\n<p>President Donald Trump, who vowed when taking office to bring common sense to the federal government, said it is time to stop wasting money just to produce something no one wants.<\/p>\n<p>&ldquo;For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful! &ldquo; Trump wrote on <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/113977224933701762\" target=\"_blank\" rel=\"noopener\"><\/a>.<\/p>\n<p>&ldquo;I have instructed my Secretary of the US Treasury to stop producing new pennies. Let&rsquo;s rip the waste out of our great nations budget, even if it&rsquo;s a penny at a time,&rdquo; Trump wrote.<\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/siladityaray\/2025\/02\/10\/trump-says-he-has-ordered-treasury-to-stop-producing-pennies-calling-them-wasteful\/\" target=\"_blank\" rel=\"noopener\">Forbes<\/a> noted that <a href=\"https:\/\/www.westernjournal.com\/trump-makes-history-super-bowl-first-sitting-u-s-presidents\/\" target=\"_blank\" rel=\"noopener\">Trump<\/a> was being conservative in his post.<\/p>\n<p>The U.S. Mint said last year that it costs 3.69 cents to make each penny.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p>In its annual report, the mint said the cost &ldquo;remained above face value for the 19th consecutive fiscal year.&rdquo;<\/p>\n<p>Making pennies led to a loss of $85.3 million for the U.S. Mint in the 2024 federal fiscal year.<\/p>\n<p>The coin represented 54 percent of the 5.87 billion coins the Mint made that year.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">President Trump just cancelled production of the penny.<\/p>\n<p>He should do the same for the nickel.<\/p>\n<p>People have been calling for this for many years.<\/p>\n<p>In this CBS Sunday Morning story from 9 years ago, they pointed out the absurdity of paying more to make coins than they&rsquo;re worth. <a href=\"https:\/\/t.co\/MJRXQIeV1L\">pic.twitter.com\/MJRXQIeV1L<\/a><\/p>\n<p>&mdash; Paul A. Szypula &#127482;&#127480; (@Bubblebathgirl) <a href=\"https:\/\/twitter.com\/Bubblebathgirl\/status\/1888784705639592286?\">February 10, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The nickel also costs far beyond its <a href=\"https:\/\/www.westernjournal.com\/elon-musks-doge-moves-wasteful-spending-motherlode-big-money-fraud-happening\/\" target=\"_blank\" rel=\"noopener\">value<\/a>.<\/p>\n<p>Each five-cent coin cost 13.78 cents to make, leading to a $17.7 million loss for the mint.<\/p>\n<p>The Department of Government Efficiency had earlier called for phasing out the penny.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023.<\/p>\n<p>The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced.<\/p>\n<p>Penny (or 3 cents!) for your thoughts.<\/p>\n<p>Sources:<a href=\"https:\/\/t.co\/Y5LlrpyA62\">https:\/\/t.co\/Y5LlrpyA62<\/a>&hellip;<\/p>\n<p>&mdash; Department of Government Efficiency (@DOGE) <a href=\"https:\/\/twitter.com\/DOGE\/status\/1881928086305870127?\">January 22, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&ldquo;The penny costs over 3 cents to make and cost US taxpayers over $179 million in FY2023,&rdquo; DOGE <a href=\"https:\/\/x.com\/DOGE\/status\/1881928086305870127\" target=\"_blank\" rel=\"noopener\">posted on X<\/a>.<\/p>\n<p>&ldquo;The Mint produced over 4.5 billion pennies in FY2023, around 40% of the 11.4 billion coins for circulation produced. Penny (or 3 cents!) for your thoughts,&rdquo; the post said.<\/p>\n<p>However, Forbes noted that officially taking the penny out of circulation would likely mean an act of <a href=\"https:\/\/www.westernjournal.com\/dem-congresswoman-accused-violating-federal-law-unhinged-war-rant\/\" target=\"_blank\" rel=\"noopener\">Congress<\/a>.<\/p>\n<p>The <a href=\"https:\/\/nypost.com\/2025\/02\/09\/us-news\/trump-says-hes-telling-department-of-treasury-to-stop-producing-penny\/?utm_medium=social&amp;utm_campaign=nypost&amp;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">New York Post<\/a> noted that in 2022, 58 percent of Americans polled were willing to ditch the penny.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! 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He stated that it&#8217;s time to cease wasting funds on producing items that are unwanted. &#8220;For too long, the U.S. has been minting pennies that cost us more than 2 cents each\u2014this is wasteful!&#8221; Trump expressed. He directed his Secretary of the Treasury to halt penny production, aiming to eliminate waste from the national budget, even if it means saving just a penny at a time. According to Forbes, Trump&#8217;s estimate was conservative; last year, the U.S. Mint reported it costs 3.69 cents to produce each penny and incurred an $85.3 million loss in fiscal year 2024 due to penny production alone, which accounted for 54% of all coins minted that year.<\/p>\n<p>Trump&#8217;s decision has sparked calls for similar action regarding nickels since they also exceed their value in production costs\u2014each nickel costs about 13.78 cents to make and resulted in a $17.7 million loss for the Mint as well.<\/p>\n<p>The Department of Government Efficiency previously recommended phasing out pennies due to their high production cost exceeding three cents each and costing taxpayers over $179 million in FY2023 when over 4.5 billion were produced\u2014about 40% of total coin circulation.<\/p>\n<p>While many Americans support eliminating pennies (58% according to a poll), Forbes noted that officially removing them would require congressional action<\/p>\n","protected":false},"author":1,"featured_media":2400970,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2025\/02\/Trump-v-Pennies.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2400969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2025\/02\/Trump-v-Pennies.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2400969"}],"version-history":[{"count":1,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400969\/revisions"}],"predecessor-version":[{"id":2400971,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2400969\/revisions\/2400971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2400970"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2400969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2400969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2400969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}