You know, sometimes I wonder if the Republicans in congress are even trying.
Dave Schweikert, foreclosure vulture, disgraced Maricopa County treasurer, and all around guy-who-you-wouldn't-trust-with-money, has decided that what will really fix America's debt problem is the COINS Act.
What will COINS do?
Rep. David Schweikert (R-AZ), a member of the House Financial Services Committee and the Subcommittee on Domestic Monetary Policy, today introduced a bill to reduce the deficit by billions by phasing out the $1 bill. The Currency Optimization, Innovation and National Savings (COINS) Act calls for a transition from the dollar bill to the dollar coin to reduce government waste
Rep. Schweikert PR
Are you kidding me? Does this idiot know anything about how much change (pardon the pun) this will require?
We're not just talking strippers here (how the hell would that work, anyway?)- vending machines, slots, and a myriad other machines would need to be retrofitted, costing the private sector many times more than the measly $184 million a year that this measure would claim to save the government.
Why does Dave think this is necessary?
Each year, the Bureau of Engraving and Printing produces around 4 billion $1 bills -- nearly half of all paper currency made. And each year, more than 3 billion of these dollars are pulled from circulation, shredded, and sent to landfills. That is nearly 15.2 million pounds of paper currency every year.
Not only are dollar coins recyclable, they have an average circulation of 30 years. When you do the math, a single dollar coin can do the job of up to 17 dollar bills over the course of its lifetime.
Last time I checked, paper was recyclable, too. Why not just legislate mandatory recycling of bills? Methinks someone might have some cash on the line in the metal mining industry.
And I think we've been here before... but last time I checked, Jim Kolbe retired.
Dave Schweikert, for all your touted fiscal experience you ran with in 2010, you surely are one stupid guy.
9:52 AM PT: I think the larger point here, folks, is that Schweikert is focusing on this COINS Act, which will save $184 million a year but could cause larger complications- while completely ignoring anything that could create JOBS for this country. (The "not jobs" tag, use it)