Will Paper Currency Disappear in the US?... DOGE: "Eliminating Paper Currency Could Save $750 Million Annually"
Uk Jin
Summary
- The Department of Government Efficiency (DOGE) claimed that paper currency inefficiency could lead to annual savings of $750 million.
- In fiscal year 2023, the Treasury issued 116 million paper bills, highlighting the need for government spending reduction.
- DOGE argues that paper currency collection costs $2.40 per bill, raising issues such as delayed tax refunds.
As President Donald Trump orders the cessation of penny production due to higher minting costs, paper currency is also being criticized as inefficient.
On the 17th, the Department of Government Efficiency (DOGE) claimed via X (Twitter) that "The Treasury issued 116 million paper bills in the last fiscal year. Eliminating paper currency could reduce government spending by $750 million annually."
Specifically, the Department of Government Efficiency explained, "In fiscal year 2023, $25 billion in tax refunds were delayed due to returned or expired checks or paper currency. The cost of collecting paper currency is $2.40 per bill."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
