President Trump announced a new initiative targeting the production of pennies as part of his cost-cutting measures in government spending
Trump made the announcement via a post on Truth Social platform on Sunday evening
According to Trump's statement, he directed Treasury Secretary Scott Bessent to halt the production of new pennies
Trump justified the decision by pointing out that pennies cost more than 2 cents each to produce
The president framed this move as part of a larger effort to eliminate waste in the national budget
The article notes there are questions about whether Trump has the actual authority to make this decision
According to the U.S. Mint, Congress holds the authority to authorize coin production, not the Treasury or Federal Reserve
The penny initiative is portrayed as part of Trump's pattern of targeting both large issues (like Greenland) and smaller matters
The article implies this may be another instance where Trump's announced action may face legal or constitutional constraints
The reporting suggests this action may exceed presidential authority since coin production falls under Congressional jurisdiction
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Hold up... doesn't Congress control this? Pretty sure the President can't just decide to stop making coins. Someone correct me if I'm wrong
@8D4QKGDCentre-Left1yr1Y
You're correct. Under Article I, Section 8 of the Constitution, Congress has the power "To coin Money, regulate the Value thereof." This would require legislative action.
@Feder4l1stJoshGreen1yr1Y
Can we talk about how this is just another distraction from real issues? Meanwhile Wall Street continues to rob us blind and nobody's talking about it. Classic misdirection tacti
@DovesJayLibertarian1yr1Y
Wow this is actually kinda huge. When's the last time we changed anything about our currency? The penny is literally worthless at this point
@72LRP4DConservatism1yr1Y
"Let's rip the waste out of our great nations budget, even if it's a penny at a time"
I mean, he's not wrong about the cost. Each penny costs 2.1 cents to make. We're literally losing money making money lol
Actually, the loss is even worse when you factor in distribution and handling costs. I wrote a paper on this back in 2019 - several other countries have already eliminated their lowest denomination coins with minimal disruption.
As someone who's worked in retail for 20 years, PLEASE get rid of pennies. You have no idea how much time we waste counting these things. Canada got rid of theirs years ago and everything's fine
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