Friday, March 11, 2011

$1 Bill to be Phased Out for US Government to Save $5.5 Billion?

The economic downturn in the previous years has certainly put many countries cringing; even the superpowers realized how vulnerable they are. Several countries asked to be bailed out while others relied on different stimulus plans and pieces of legislations to restructuring. But all efforts proved that redemption is not yet at hand.

The US government is one of those that was hardly-hit by the economic meltdown. Unemployment is still high and private and public debts continue to pile up.

With all these serious economic complications, the US government through President Obama approached things by cutting down budgets and spending.

With all these budget cuts, many sectors also tried to think of ways on how the debt-stricken US government could save more.

One idea that came up is by phasing out the $1 paper bill and change it into a dollar coin.

The U.S. Government Accountability Office reportedly made a proposal that was submitted to the Federal Reserve and Treasury of phasing out the $1 bill and replace it instead with a $1 coin. On their proposal, they said that the US government could save at least $5.5 billion during the next 30 years!

The reason? Because paper bills have shorter life span and in effect takes a lot of public fund for printing new bills unlike the coin.

Sure the US is really tightening its belt huh.

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