Logovideo to article
00:00 - 00:04

let the joyous news be spread the

00:02 - 00:06

worthless old penny at last is dead the

00:04 - 00:08

president said but after two centuries

00:06 - 00:10

of copper in play can just one order

00:08 - 00:12

really sweep it away to find out when

00:10 - 00:14

power is in doubt we turn to the

00:12 - 00:16

Constitution to sort it out which has

00:14 - 00:17

Congress right what laws shall be while

00:16 - 00:19

the president decides how to enforce

00:17 - 00:21

their decree and since Congress created

00:19 - 00:24

the pennies through ink the president

00:21 - 00:27

has no power to snap them away you'd

00:24 - 00:28

think okay so the president really did

00:27 - 00:30

just post that the days of printing

00:28 - 00:33

pennies are now done because printing

00:30 - 00:35

pennies is dumb it costs more than a

00:33 - 00:38

penny to print a penny and it has for

00:35 - 00:40

ages 13 years ago when I first made a

00:38 - 00:42

video on this topic click here it cost 2

00:40 - 00:45

cents to print a penny but since then

00:42 - 00:47

it's only gotten worse every year nearly

00:45 - 00:50

4 cents now which means the government

00:47 - 00:54

spends $1 to buy

00:50 - 00:57

27 a terrible deal one shouldn't do even

00:54 - 01:00

once but instead that somehow happens

00:57 - 01:04

100 million times every year year

01:00 - 01:07

evaporating $70 million Into The Ether

01:04 - 01:10

just to print pennies which means yes

01:07 - 01:13

the US Mint manages to lose money while

01:10 - 01:16

literally printing money guys like

01:13 - 01:18

literally how like literally why well

01:16 - 01:20

the why is cuz Congressional law says to

01:18 - 01:23

do so or does it which brings us back to

01:20 - 01:25

the president's post saying sod this

01:23 - 01:26

it's stupid we're stopping but does the

01:25 - 01:28

president really have the power to

01:26 - 01:29

prevent the penny printing cuz according

01:28 - 01:31

to the Constitution the president

01:29 - 01:34

president is to execute the laws that

01:31 - 01:36

congress writes but the thing is

01:34 - 01:38

Congress blessed their hearts has been

01:36 - 01:40

having a hard time with their half of

01:38 - 01:42

the homework see to pass a law means

01:40 - 01:45

coring hundreds of Congress Critters

01:42 - 01:48

together to all agree not just on the

01:45 - 01:51

law they'd like to pass but the exact

01:48 - 01:53

wording and boring but vital details of

01:51 - 01:55

that law and that's like really hard to

01:53 - 01:58

get everyone to agree on cuz laws have

01:55 - 01:59

gotten way longer and complicated so

01:58 - 02:02

there's more to argue over not to make

01:59 - 02:05

mentioned gluing loads of laws together

02:02 - 02:08

and also it's summer break soon so to

02:05 - 02:10

get it done and go outside Congress has

02:08 - 02:11

developed a bit of a bad habit by

02:10 - 02:13

writing broad laws that state their

02:11 - 02:15

simple goal X needs to happen and

02:13 - 02:18

assigning the funds to pay for it but

02:15 - 02:21

then the exact details of how the x is

02:18 - 02:23

to be done they often just don't which

02:21 - 02:25

means there's less to argue over which

02:23 - 02:28

makes the law easier to pass but passes

02:25 - 02:31

the problem to the president of how to X

02:28 - 02:33

exactly and the panic is the perfect

02:31 - 02:35

example Congress passed the law stating

02:33 - 02:38

which coins can exist and gave the money

02:35 - 02:41

to make them but how many coins to Mint

02:38 - 02:44

that's very hard math so uh just print

02:41 - 02:48

the necessary amounts K necessary

02:44 - 02:52

necessary amounts amounts so I decide

02:48 - 02:54

what is necessary what is amount sure

02:52 - 02:56

perfect wait what so if the penny costs

02:54 - 02:59

more to make than it's worth then it

02:56 - 03:02

seems to me necessarily unnecessary and

02:59 - 03:04

zero Z is technically an amount correct

03:02 - 03:07

which technically correct but this trick

03:04 - 03:09

of zero is something right guys will

03:07 - 03:11

definitely cause some push back because

03:09 - 03:13

if it works it means the president has

03:11 - 03:16

the ability to eliminate anything

03:13 - 03:19

Congress wasn't crystal clear about in

03:16 - 03:21

the exact details of its creation so

03:19 - 03:22

when an inevitable argument starts over

03:21 - 03:24

who can tell who what to do what then

03:22 - 03:26

again we take it to the Constitution

03:24 - 03:29

which tells us to take it to the courts

03:26 - 03:31

who always have only one question Mr

03:29 - 03:34

President is their president and in this

03:31 - 03:36

case of coins well not exactly see

03:34 - 03:39

previous presidents with unpopular coins

03:36 - 03:41

they wished to ditch used the same trick

03:39 - 03:44

but softer instructing the mint to print

03:41 - 03:47

the necessary amounts needed only for

03:44 - 03:49

numismatists coin collectors that is

03:47 - 03:51

which was not a lot and effectively

03:49 - 03:53

retired those coins from circulation so

03:51 - 03:54

non-collecting citizens didn't have to

03:53 - 03:56

deal with coins they didn't like the

03:54 - 03:58

president got to push presidential power

03:56 - 04:00

Just A Pinch while Congress didn't feel

03:58 - 04:02

countermanded everyone was happy

04:00 - 04:05

especially the coin collectors whose

04:02 - 04:07

unwanted coins just got rarer but the

04:05 - 04:10

penny is different unlike those other

04:07 - 04:13

coins it's used everywhere billions need

04:10 - 04:15

printing a year at a loss which is the

04:13 - 04:18

whole problem and what makes it harder

04:15 - 04:20

to argue that zero is the necessary

04:18 - 04:22

amount of pennies instead of the

04:20 - 04:24

presidentially preferred amount of

04:22 - 04:26

pennies what will happen now we have to

04:24 - 04:27

wait and see will the president push

04:26 - 04:30

this trick to its technically correct

04:27 - 04:32

Max and if so and if it stands it could

04:30 - 04:35

become the precedent for future

04:32 - 04:38

presidents for eliminating far more than

04:35 - 04:40

just coins but until then a hem even a

04:38 - 04:43

soft technically correct decree will

04:40 - 04:45

make pennies mostly cease to be saving

04:43 - 04:49

billions now lost on Copper's high cost

04:45 - 04:53

thus whichever path lies ahead ding dong

04:49 - 04:53

the penny is truly dead

04:53 - 04:58

[Music]

05:01 - 05:06

[Music]

Farewell to the Penny: Congressional Laws and Presidential Power

In a surprising turn of events, the announcement that the era of penny printing is over has sparked a debate on the balance of power between Congress and the President. The cost of producing a penny now exceeds its monetary value, leading to an annual loss of millions for the government. But can the President unilaterally stop the production of pennies, or is it within the realm of Congressional authority?

The Conundrum of Penny Production Costs

It's no secret that printing pennies has become a costly affair. From costing 2 cents per penny 13 years ago to nearly 4 cents today, the US Mint is losing money in the process. In a system where the government spends $1 to acquire 27 pennies, the inefficiency of penny production is evident. The President's recent declaration to cease penny printing has stirred up questions regarding the legality and constitutionality of such a move.

Congressional Laws and Executive Authority

According to the Constitution, Congress has the power to enact laws, while the President is responsible for executing those laws. However, the complexity arises when laws lack specificity, leaving the door open for the Executive Branch to interpret and implement them. Congress, faced with the challenge of passing detailed and concise legislation, often resorts to broad laws that shift the burden of execution to the President.

Presidential Intervention and Legal Precedents

The President's proposal to halt penny production brings to light a potential loophole in Congressional legislation. By asserting that zero is technically an amount, the President challenges the necessity of continued penny minting. This interpretation raises the question of whether the President can eliminate items not explicitly outlined in Congressional laws.

Historically, previous Presidents have wielded similar discretion in phasing out unwanted coins by limiting production to cater to collectors. This strategy allowed for unpopular coins to be retired without contradicting Congress. However, the case of the penny presents a unique challenge due to its widespread usage and high production volume. The application of the zero-amount strategy to pennies could set a precedent for future presidential actions beyond currency matters.

The Future of Penny Printing

As the debate unfolds, the fate of penny production hangs in the balance. Will the President's interpretation of necessary amounts lead to the elimination of pennies, or will it face opposition and legal scrutiny? If successful, this move could signal a shift in the balance of power between Congress and the President, with far-reaching implications for future decision-making processes.

In the end, as we await the resolution of this penny predicament, one thing is certain – the age-old currency may soon meet its demise, ushering in a new era of cost-saving measures and efficient governance. The penny, once a ubiquitous symbol of everyday transactions, may soon become a relic of the past, thanks to a bold move by the highest office in the land. The penny may be small in value, but its elimination could have significant implications for the future of currency production and government efficiency.

So, as we bid farewell to the penny, let us ponder the power dynamics at play and the potential ripple effects of this decision. Change is on the horizon, and only time will reveal the lasting impact of this pivotal moment in currency circulation.