Wasting Money By Making Money?
Humor me for a moment. Reach into your pocket and pull out all of your change. What’d you find? Quarters, nickels, dimes, pennies? Any one dollar “gold” coins? Yeah, didn’t think so.
Take that one step further. How’d you feel the last time you were handed one with your change? Angry, irritated, short-changed?
I happened to be the proud owner of three right now having received them in my change today from the trip for the morning coffee. The feeling that came over me when the cashier handed me an assortment of coins rather than any paper money compelled me to share this story with you when it came to me in my Inbox.
I think you’ll “enjoy” it. That is, if it doesn’t make you scream. Do these people just sit around and dream up new ways to waste our money? Unfrigginbelievable!!
ABC News went to one such storage facility, the Federal Reserve in Baltimore, where the coins are in plastics bags and cardboard boxes, stacked one on top of another, creating several aisles of presidential coinage worth millions of dollars.
In their most recent annual report to Congress, the Federal Reserve says the coins are piling up so quickly they will need to spend $650,000 to build a new vault in Dallas to hold them. Shipping the coins to the new secure facility will cost an additional $3 million.
Meanwhile, the coins keep coming off the production lines, already more than a billion made and counting. The Fed’s report estimates that they could have more than $2 billion in excess $1 coins by the time the program is expected to end five years from now.
Gee, your ranting and raving is misguided at the wrong place,
you accuse an agency of wasting money, really, how do you define waste, because the public does not want or is stupid,
the trouble is we print $1 bills that cost more due to life,
even citizens against government waste supports it, yet you use your rant and rave, media is one sided, quarters=$1 1950s
did abc news bother to tell you the chicken and the egg problem and the bills are not removed, should we have $.25 bills?, I don’t think so, quarters used to be worth $1.
“Ranting and raving?” I wrote four paragraphs – most of which was spent telling a personal story.
But as to your issue with my saying there is “waste” here, I have no problem with making the coins. If they replaced the bills tomorrow, I’d be fine with that. But, if they are going to be printed and moved from one facility to another at the cost of millions rather than putting them into circulation… that my friend is waste.
You are absolutely correct that spending money producing something that goes unused is fiscal lunacy. That comment you received from “factchecker” proves him/her to be quite the shallow thinker. Would anyone engage in such practice if his own money were at stake? Of course not. Yet, when the anonymous public-at-large’s money is at stake, people like “factchecker” have no concerns over wastefulness. (Either that or, perhaps more like, he, himself, makes money from wasteful government spending.) It is a pro-big-government mindset like his that blinds people to even evil, not to mention simply wasteful, governmental practices. No, sir, your view is correct. This is lunacy and because people like “factchecker” support such actions, out-of-control government has bankrupted this once prosperous nation.