John Oliver makes a pretty persuasive case for killing the penny
West Wing fans may remember the episode where a congressman convinced presidential aide Sam Seaborn (Rob Lowe) of the wisdom of scrapping the penny. John Oliver picked up the baton on Sunday's Last Week Tonight, starting by noting that the U.S. Mint makes about eight billion pennies a year, at a cost of 1.7 cents per penny. "That really makes the phrase 'You have to spend money to make money' ring painfully true," he said. The only real uses for pennies, he added, are throwing them in a pond to make a (very small, at current value) wish, or to pay a fine with them out of pure spite.
So why does the U.S. still have pennies, when many other developed countries have already done away with them? You may not be surprised to learn that there is a penny lobby, backed by the zinc industry; Lincoln enthusiasts also are loath to part with the (all-but-worthless) coin that bears his visage. But it's not just that the U.S. spends $136 million every year to make $80 million worth of a currency some Americans literally throw away. For Oliver, this seems personal. "Come on, let's dump the penny," he argued. "Not because we need to, not because it will change a great deal, but because there are certain things we know are impossible to get rid of — terrorism, herpes, Guy Fieri — but the penny is a nuisance we can actually do something about." Not convinced? Watch below. Peter Weber
The Week
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