Ahhh, Government Wisdom
In Just a Thought, March 1st, 2010
Have you ever wondered if anyone in DC has any common sense?
There has been a movement to eliminate the penny from our currency. The argument is that the penny is really worthless and we can function well without having this meaningless coin in circulation.
Whatever your position on the issue, what the government did last year with the penny is a picture of the problem with big government and the way it spends your money.
Last year was the 100th anniversary of the introduction of the penny, so to commemorate the anniversary, the government spent $70 million to redesign and reintroduce the penny.
So, today there are 5 billion pennies in circulation worth $50 million dollars, that cost the government $70 million to design, mint and distribute.
Private industry would never undertake a project of dubious value that would result in a $20 million dollar loss, but then no one has ever accused the government of understanding efficiency or return on investment.
