In a rare display of bipartisan unity, lawmakers from both sides of the aisle are rallying behind President Donald Trump’s proposal to cease penny production, citing significant economic inefficiencies.
Key Takeaways
- Both Republican and Democratic lawmakers support Trump’s decision to eliminate the penny due to cost inefficiency.
- The U.S. Mint reported a loss of over $85 million on pennies produced in 2024.
- Producing a penny costs roughly four cents, exceeding its face value for 19 consecutive years.
- Environmental benefits and taxpayer savings are cited as additional reasons for support.
- Previous attempts to discontinue the penny have been unsuccessful, but Congress could make Trump’s order a law.
Bipartisan Support for Penny Elimination
In an unexpected turn of events, President Donald Trump’s proposal to halt penny production has garnered support from both Republican and Democratic lawmakers. The decision, announced on Truth Social, addresses longstanding concerns about the economic inefficiency of producing pennies.
Representative Jared Moskowitz, a Democrat from Florida, praised the decision, stating, “In all the things he’s done in his first month in office, that might be the best.” This sentiment was echoed by other Democratic representatives, including Jamie Raskin of Maryland and Ami Bera of California, who agreed with the economic reasoning behind the proposal.
Economic Rationale and Environmental Benefits
The primary driver behind this bipartisan support is the undeniable economic inefficiency of penny production. According to reports from the U.S. Mint, producing a single penny costs approximately four cents, resulting in a loss of over $85 million on pennies minted in 2024 alone. This financial drain has persisted for nearly two decades, with production costs exceeding face value for 19 consecutive years.
“For far too long, the United States has minted pennies which literally cost us more than 2 cents.” – President Donald Trump
Beyond the economic considerations, supporters of the proposal have highlighted potential environmental benefits. Colorado Governor Jared Polis, a Democrat, noted, “As well as saving taxpayers hundreds of millions of dollars, there are major environmental benefits to eliminating the penny. This is a great move.” The reduction in zinc mining, a component of penny production, could lead to decreased air pollution.
Potential Challenges and Considerations
While the proposal has gained significant traction, some lawmakers are considering the broader implications of eliminating the penny. Representative George Latimer is consulting with local businesses to assess the impact on sales tax calculations and transaction processes. These considerations underscore the need for a comprehensive approach to implementing the change.
Despite the challenges, the potential for substantial taxpayer savings has united politicians across the aisle. Senator Jacky Rosen, a Democrat who, like Trump, won in the battleground state of Nevada in 2024, called the proposal a “common sense move.” This rare moment of bipartisan agreement highlights the compelling nature of the economic argument against penny production.
As discussions continue in Congress, the possibility of turning Trump’s directive into law looms large. Previous attempts to discontinue the penny have fallen short, but the current wave of bipartisan support suggests that this time might be different. The outcome of these deliberations could mark a significant shift in U.S. currency policy, driven by a rare consensus on fiscal responsibility and economic efficiency.
Sources:
- ‘Makes sense’: GOP, Dems unite behind Trump’s plan to fire the penny
- Democrat senator backs Trump’s ‘common sense move’ to fire the penny
- Democratic Governor Praises Trump’s ‘Great’ Penny Decision
