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
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.
-
‘Congratulations on your house, but maybe try a greyhound instead’Instant Opinion Opinion, comment and editorials of the day
-
How climate change poses a national security threatThe explainer A global problem causing more global problems
-
The 5 best TV shows about the mobThe Week Recommends From the show that launched TV’s golden age to a Batman spin-off, viewers can’t get enough of these magnificent mobsters
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
