Could The Days Be Numbered For A Dollar Bill?
So do we get a dollar coin with George on it, or another coin with Susan B. Anthony?
Washington has come down with a case of fiscal fever as the Obama administration proposes everything from spending freezes on domestic programs to selling off unused government property to bring the budget back in line. Now, one study argues that the government can save billions of dollars simply by making a change to the currency itself.
Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. Unfortunately, as the GAO notes, there is one problem with the plan: When given a
Before you start hoarding your dollar bills though, keep in mind that the GAO has made similar proposals four times during the past two decades, and obviously dollar bills are still in circulation. The only difference this time is that the overall climate in Washington is more geared toward budget cutbacks now, but given that it would take several years for the savings to kick in, this seems unlikely as well.
Would you be willing to eliminate dollar bills and switch to coins if it meant improving the country’s balance sheet?