Senators John McCain and Mike Enzi have introduced legislation aimed at reducing "wasteful" spending. One of their proposals is to replace the paper dollar bill with a dollar coin:
According to the two lawmakers, ditching the dollar bill for the "more sustainable and efficient dollar coin" would generate savings ranging from $4.4 billion up to $13.8 billion.
The savings would come by eliminating the need for the Treasury to spend more on printing money than the actual value of the dollar.
"I hear from Arizonans every day who are tired of seeing their limited tax dollars spent on wasteful government programs," said McCain of Arizona. "By reforming and modernizing America's outdated currency system, and moving forward with commonsense good government practices, this bill would enable our country to reduce unnecessary bureaucratic waste and generate billions in taxpayer savings.
So the decline in the dollar's purchasing power has even made it unprofitable to make dollars. This is yet another example of the failure of the Federal Reserve, and why Congress needs to take the first step toward reforming our monetary policy by passing Audit the Fed legislation.
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Tags: Audit the Fed