business / economy
3 hours ago

Elon Musk’s DOGE Targets Penny Costs as Federal Waste Issue

Elon Musk’s DOGE Targets Penny Costs as Federal Waste Issue
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7 Highlights
  • Elon Musk hints DOGE can challenge penny production costs.
  • US spends $179M on making 4.5B pennies in 2023, costing over 3 cents each.
  • Congressional attempts to end penny production have stalled for years.
  • Countries like Canada and Sweden have already stopped producing pennies.
  • Ending US penny production requires legislative or Treasury action.
  • Cash usage fell to 16% in the US in 2023, sparking debate on penny's relevance.
  • DOGE's ability to influence is limited without Congress making changes.
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