Changing the Paper Would Save Gov't Billions just by getting rid of dollar bills
About six months ago we blogged how lowering the federal deficit could happen by half a billion dollars if the federal government would just stop printing dollar bills and people starting using the dollar coin instead. Well, it turns out we were wrong. It's actually a lot more than that.
There's a new federal government study out that says the amount saved would be 5.5 billion dollars because a coin can last for decades but most dollar bills have a lifespan of only about a hear and a half. The study came to the "duh" realization that prior attempts to get people to use the dollar coin have largely failed because the government just kept right on printing the dollar bills too - and people just don't like to change what they are used to.
In Canada and the United Kingdom both of those countries stopping printing the paper version of the coin and after a couple of years, the public accepted it as part of life.
There's no rational reason to be using dollar bills anymore because, like they say on tv, don't waste your money - and don't waste your government's money either.
Good Magazine has a great article on their web site that delves into the wasting of money in the paper vs coin argument, and it's well worth the read by clicking here.
So, if you really want to help the government save money, stop using one dollar bills. And if you really want your elected officials to help save the government save money, tell them to stop printing one dollar bills. Once that happens, then we can start working on the pennies too.
ABOUT THE AUTHOR
Known nationwide as a leading Lemon Law attorney, Ronald L. Burdge has represented literally thousands of consumers in "lemon" lawsuits and actively co-counsels and coaches other Consumer Law attorneys. From 2005 through 2018, attorney Ronald L. Burdge has been named as the only Lemon Law Ohio Super Lawyer by Law and Politics magazine and Thomson Reuters Corp., Professional Division. Burdge restricts his practice to Lemon Law and Consumer Law cases. The Ohio Super Lawyer results are published annually in the January issue of Cincinnati Magazine. Ronald L. Burdge was named Consumer Law Trial Lawyer of the Year 2004 by the National Association of Consumer Advocates, the nation's largest organization of consumer law private and government attorneys. "Your impact on the auto industry has been magnified many times over because of the trail you blazed for others," stated NACA's Executive Director, Will Ogburn. Burdge has represented thousands of consumers in Ohio, Kentucky and elsewhere since 1978 and is a frequent lecturer to national, state and local Bar Associations and Judicial organizations. Burdge is admitted to Ohio's state and federal courts, Kentucky's state courts, and Indiana's federal courts. Other court admissions are on a "pro hac" temporary, case by cases basis.