In The Age Of Pennemies

by Zoë Pollock

Tim Cavanaugh adds his two cents to the anti-penny rant:

While everybody talks about the government “printing money” to fight the recession, in reality there has been less physical money produced since the start of the credit unwind. Weller notes that many fewer coins are minted during slow economic times, because people open their penny jars and put those coins back into circulation. “You can almost plot GDP and coin production along parallel lines,” he says. ...

Will the penny survive? On one hand you have economists with their fancy book learnin’, and on the other you have generations of retailers who know pricing items with 99-cent suffixes still gets people to part with cold, hard cash. It may be stupid, but I don’t trust anybody who leaves a penny on the ground.

Despite all evidence to the contrary, I can't help but agree.

2006-2011 archives for The Daily Dish, featuring Andrew Sullivan

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