Faith Salie offers her two cents on the end of the penny
What makes us stop in the street to transcend our pride and stoop to pick it up?
It's the humble, shiny, tiny penny.
The Treasury announced it will cease making new pennies by early next year. Will they disappear immediately? No. But like so many things in our lives – reliably snowy winters, face-to-face conversations, books whose pages we can turn – pennies are fading away.
Before you shrug me off as a sentimental fool old enough to remember visiting the penny candy store on Cape Cod, I do understand that pennies are "outdated" and "inefficient." The government spends about 3.7 cents to make 1 penny. That's a loss of $85 million last year alone. And around half of us don't even carry cash anymore. I don't think the Tooth Fairy believes in pennies nowadays. So, canceling them makes "cents."
But in a world where it seems like everyone's looking down, a penny can remind us things might be looking up ... you know, pennies from heaven?
You know who was on the first penny in 1792? A woman! It was deemed un-American back then to depict a ruler on a coin, so pennies featured Lady Liberty.
It wasn't until 1909 that President Lincoln's face graced the coin. His iconic profile was designed by a Lithuanian-born Jewish immigrant, Victor David Brenner, who created what's thought to be the most reproduced piece of art in history.
1943 pennies were made of zinc-coated steel, because copper was needed for World War II.
Should we just throw that history away? Well, yes! As long as we imbue each toss with our wishes.
"A penny for your thoughts" was coined nearly 500 years ago by Sir Thomas More, back when offering someone a penny meant their musings were really worth something.
These are just my two cents, but ... nobody throws a bitcoin into a fountain.
Call me a numismatic nostalgic, but in a world full of crypto and virtuality, I'll keep my eyes peeled for the tarnished, tangible, inefficient promise of luck.
For more info:
faithsalie.com
Story produced by Liza Monasebian. Editor: Ed Givnish.
See also:
Face value: Portraits on money ("Sunday Morning")Moneymakers: Artists at the U.S. Mint ("Sunday Morning") Almanac: "In God We Trust" ("Sunday Morning") The history of the penny ("Sunday Morning")
The wonderfully weird world of artist Luigi Serafini
Fans turn out for estate sale at home of Tom Petty
Trump says Musk is "not really leaving" as DOGE savings lag behind projections
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gizmodo
9 hours ago
- Gizmodo
Elon Musk's New Political Party Sparks MAGA Backlash Online
The suspense is finally over. Elon Musk, the visionary behind Tesla and SpaceX, officially declared the formation of a new political party on Saturday, July 5, 2025. His stated aim: to challenge the long-standing dominance of both the Republican and Democratic parties. 'Today, the America Party is formed to give you back your freedom,' the controversial tech entrepreneur announced on X (formerly Twitter) at 3:46 PM ET. By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025The creation of the 'America Party' is nothing short of a bombshell, particularly given Musk's significant financial contributions and political alignment with Donald Trump in the lead-up to the 2024 presidential election. Last year alone, Musk spent nearly $290 billion to support Trump's return to the White House. This timely alliance granted the self-described 'Techno King' an unprecedented level of influence for a tech entrepreneur in American politics. Trump, in turn, entrusted Musk with a custom-created federal department: the now infamous Department of Government Efficiency, or DOGE. DOGE, however, quickly became a lightning rod for criticism, seen by many as emblematic of the very dysfunctions it was meant to fix within the federal government. Its methods and decisions, including the closure of federal agencies and drastic cost cutting at essential institutions, provoked widespread rejection of the billionaire. This backlash manifested in protests outside Tesla showrooms, a drop in the electric vehicle maker's stock price, and a noticeable plunge in profits and sales. Tesla's sales erosion continued into the second quarter of 2025, during which the carmaker's global deliveries fell by 13.5%. Tesla's reputation, and that of Musk, suffered significantly, especially as the carmaker's customer base heavily includes progressives and liberals who viewed his political alignment as a sharp departure from their values. Under increasing pressure from the markets, Musk formally withdrew from his government role at the end of May. His public fallout with Trump began almost immediately after his departure, marked by a public spat between the two powerful figures on June 5. After a few weeks of relative calm, Musk reignited the feud by sharply criticizing the 'One Big Beautiful Bill,' President Trump's signature piece of legislation. He then publicly vowed to launch a political party and do everything he could to defeat Republican elected officials who voted for it. As promised, on June 30, Musk formalized the political party he had previously hinted at, following the bill's signing into law. The initial post announcing the party's formation generated more than 3 million views in less than an hour, signaling the immediate and widespread attention it commanded. Reactions on X, Musk's social network, were acutely mixed. Users who visibly supported the MAGA movement and the Grand Old Party (GOP) expressed palpable disappointment and anger. Many lamented that the billionaire's decision would, at best, fracture the conservative vote and, at worst, pave the way for Democratic victories in upcoming elections, particularly the crucial 2026 midterms. 'Why not just try and take over the GOP with more America First candidates?' asked one user, clearly disheartened by the billionaire's move. Why not just try and take over the GOP with more America First candidates? — Joey Mannarino 🇺🇸 (@JoeyMannarinoUS) July 5, 2025Roger Stone, a long time ally of President Trump, weighed in, commenting, 'I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending. But I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party splitting the vote of sane people and letting the Marxist Democrats gain control again.' I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending, but I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party… — Roger Stone (@RogerJStoneJr) July 5, 2025Another disappointed user questioned the legitimacy of the decision: 'So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this.' So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this. — EllyKayUSA (@EllyKayUSA) July 5, 2025'@elonmusk you need to rethink this one,' one user pleaded. 'All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party.' @elonmusk you need to rethink this one. All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party. — @CharlesleeTX1911 (@Charles07788205) July 5, 2025An angry user directly challenged Musk's character: 'Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind?' Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind? — Fist Punch Skull (@FistPunchSkull) July 5, 2025'This will fracture the right and split the vote. I'm against this, and so should you,' another user declared. This will fracture the right and split the vote. I am against this, and so should you. — Michael Entropy — x/acc (@TimeInvarianceX) July 5, 2025'I hope you know what you're doing, Elon, because if you don't, you're about to hand over the Democrats to Congress, and then we'll be completely out of options,' another user cautioned. I hope you know what you're doing Elon, because if you don't, you're about to hand the Democrats Congress, and then we will be completely out of options. — Walter Curt (@WCdispatch_) July 5, 2025Conversely, other users, many of them avid fans of the billionaire, seemed amused by the announcement, which did not appear to surprise them. 'You do throw a decent party 🎉😂,' joked Jason Calacanis, a well known tech investor and friend of Musk. You do throw a decent party 🎉😂 — @jason (@Jason) July 5, 2025'Good split the GOP vote,' rejoiced another user, while another enthusiastically proclaimed, 'Rest in Peace to the Republican Party!' Good split the GOP vote — Alex Cole (@acnewsitics) July 5, 2025Prominent political scientist Ian Bremmer commented simply, 'The people have spoken.' Another user expressed confidence in Musk's judgment: 'Your instincts have a good track record. I hope they are correct once again.' the people have spoken — ian bremmer (@ianbremmer) July 5, 2025Musk remains convinced that neither the Republicans, who currently control the government, nor the Democratic opposition adequately represent a significant portion of Americans. He appears confident that the political environment is favorable for a new movement. Data from a 2024 Gallup study suggests broad dissatisfaction with the two major parties: 43% of Americans identified as independents, while only 28% identified as Republican and 28% as Democrat. With a net worth estimated at $361 billion by the Bloomberg Billionaire Index as of July 4, Musk certainly possesses the financial capacity to pursue his ambitious political endeavor.
Yahoo
10 hours ago
- Yahoo
Trump's Tariff Date Arrives After a 90-Day Rollercoaster
(Bloomberg) -- The world economy, beset with uncertainty for three months over Donald Trump's on-again-off-again tariffs, is about to get more clarity as the US president's deadline for trade deals arrives on Wednesday. Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos What Gothenburg Got Out of Congestion Pricing That's when the 90-day reprieve from Trump's so-called 'reciprocal' levies ends, clearing the way for the protectionism he thinks will narrow US trade deficits and spark a manufacturing revival. The wielding of unilateral tariffs is upending a system that for decades encouraged lower barriers to commerce under rules enforced by the World Trade Organization. The US president isn't just ripping up the old playbook for trade alliances. Trump's tariffs will also help fill Treasury coffers at a time when investors are worried about the sustainability of the nation's debt — particularly after Congress sealed much of the president's economic agenda in a $3.4 trillion tax cut and spending package. 'The money will start to come into the United States on Aug. 1,' Trump said, referring to the date he's declared for the start of some new tariffs. Heading into the final days before the July 9 deadline, negotiators are scrambling to come up with trade pacts. Treasury Secretary Scott Bessent has called trade one of three pillars of Trump's agenda, which along with tax cuts and deregulation is aimed at unleashing investment, job growth and innovation. So far, the US economy is holding up, hiring is healthy, and inflation has remained tame. But the Federal Reserve is wary about tariffs despite pressure from Trump to lower rates, and wants to see how they feed through to output in the next few months. Trump's second-term rush to overhaul US trade policy has also fueled uncertainty for markets and corporate supply-chain managers trying to game out the effects on production, inventories, hiring, inflation and consumer demand. That sort of routine planning is hard enough without factors like tariffs that are moving forward one day, and potentially gone the next. What Bloomberg Economics Says: 'It's likely Trump will seek to escalate his threats against trade partners over the coming days to increase leverage in talks, as he did with Japan.' —Adam Farrar and Maeva Cousin. For full analysis, click here Trump is famous for saying that 'tariffs' is his favorite word. Yet the economic fallout may blindside a president who incorrectly asserts that trading partners directly pay the customs duties he imposes. In fact, the burden most often falls on American importers, who must contend with tighter profit margins and weigh up whether to raise prices on consumers, seek discounts from their foreign suppliers, or a combination of both. Bloomberg Economics estimates that if reciprocal tariffs are raised to their threatened levels on July 9, the average duties on all US imports could climb to about 20% from near 3% before Trump's inauguration in January. That would add to multiple risks to the US outlook. Elsewhere in the coming week, the Fed's latest minutes, a possible rate cut in Australia, and economic growth numbers from China to the UK will be among the highlights. A summit of BRICS leaders also takes place from Sunday. Click here for what happened in the past week, and below is our wrap of what's coming up in the global economy. US and Canada The US calendar lightens up considerably following the June jobs report that appeared to take pressure off the Fed to lower rates when it meets late this month. Job growth exceeded forecasts on an unusual surge in public education employment, while the jobless rate declined. Economists on Wednesday will parse minutes of the Fed's June policy meeting for indications on whether officials are closer to lowering rates. Regional presidents Alberto Musalem and Mary Daly are among the officials slated to speak about the economy a day later. Weekly jobless claims data on Thursday are expected to show employers are still reticent to cut staffing levels. At the same time, an elevated number of continuing claims suggests the unemployed are having a tougher time finding another job. In Canada, figures for June are likely to show a further weakening of the labor market after the unemployment rate ticked up to 7% the previous month. Tariffs are curbing businesses' appetite to hire, especially in manufacturing and other trade-exposed sectors. A report on return arrivals to the country in June is expected to reveal a continued decline in cross-border tourism. For more, read Bloomberg Economics' full Week Ahead for the US Asia The week is packed with central bank decisions and key macro indicators that will help define the region's second-half trajectory. Monetary policy takes center stage in Australia, New Zealand, South Korea and Malaysia, where officials are expected to weigh recent inflation trends against slowing growth momentum. Meanwhile, China's inflation will offer fresh clues on the region's manufacturing pulse and domestic demand conditions, after Vietnam on Saturday reported a surprise surge in growth. The Reserve Bank of Australia is expected to lower its cash rate to 3.6% on Tuesday, marking a third consecutive cut as inflation eases. The decision will be preceded by the NAB business confidence survey and ANZ job ads, both of which will help assess how sentiment and hiring intentions are tracking. On Wednesday, RBA Deputy Governor Andrew Hauser gives a speech in Sydney on 'Australian Macroeconomic Thought.' The same day, the Reserve Bank of New Zealand is expected to keep its policy rate unchanged at 3.25%, while Malaysia's Bank Negara is anticipated to hold its overnight policy rate steady on Wednesday. A day later, the Bank of Korea is seen holding the base rate at 2.50% as it weighs the case for buffering the economy from the impact of Trump's tariffs against a desire to avoid fueling soaring housing prices in the capital. China releases inflation data on Wednesday, with price pressures likely to remain subdued, while loans and money supply indicators will be closely watched during the week. Japan publishes labor cash earnings on Monday as policymakers look for indications that rising pay is feeding into demand-led price gains. Bank lending, current account figures and the Eco Watchers Survey are also due. Elsewhere, the Philippines publishes its employment report for May, Taiwan releases June CPI and trade data, and Indonesia updates on foreign reserves and consumer confidence. For more, read Bloomberg Economics' full Week Ahead for Asia Europe, Middle East, Africa Among this week's highlights, UK GDP for May will be released on Friday, with a small increase predicted by economists after a drop in April that was the biggest drop since 2023. The Bank of England publishes its latest financial stability report on Wednesday, with a press conference presented by Governor Andrew Bailey. Manufacturing-related data from around the euro zone showing the impact of Trump's tariff policies will draw attention following Friday's release showing a much-bigger-than-anticipated drop in German factory orders in May. That country's industrial production numbers are due on Monday, followed on Tuesday by exports both there and in France. Output in Italy will be revealed on Wednesday. Fewer European Central Bank appearances are scheduled, but Bundesbank President Joachim Nagel and Executive Board member Piero Cipollone will be among them. Eurozone finance ministers will meet at the start of the week, with the agenda to include the exchange rate at which Bulgaria is supposed switch to the euro. Officials are also set to seal legislative acts to finalize that country's new membership of the single currency starting in January. Turning to the Nordics, Swedish inflation is due on Monday, followed by house price numbers on Tuesday and the monthly GDP indicator on Wednesday. That's also when Norway and Denmark publish consumer-price data. Russian policymakers will watch for evidence that inflation is continuing to ease when June numbers are published on Wednesday. The Bank of Russia cited slowing price growth in its decision to cut borrowing costs last month for the first time in nearly three years. Deputy Governor Alexey Zabotkin said inflation data will influence whether officials consider a larger than one percentage-point cut in the key rate at its July meeting. For more, read Bloomberg Economics' full Week Ahead for Latin America A few monetary meetings are scheduled throughout the wider region: Israel's central bank is set to hold rates for a 12th consecutive time, with policymakers waiting to see if inflation returns to the target range after the shekel rally that followed a ceasefire with Iran. Romania's decision on Tuesday and is expected to see borrowing costs on hold, with officials concerned that recent fiscal changes may trigger a new spike in inflation and dampen economic growth. Serbian policymakers will reveal their decision on Thursday after keeping the rate unchanged at 5.75% since September. The same day, Egypt's central bank decision is due following two cuts in as many months, aimed at boosting economic growth. Inflation accelerated for a third month in May, potentially giving the officials pause before lowering the deposit rate from its current 24%. Latin America It's inflation week in Latin America, with four of the region's five major economies set to publish price data for June. Colombia kicks off proceedings on Monday, with expectations that annual inflation slowed below 5% for the month. That would mark the lowest reading since October 2021, although price increases remain above the central bank's target range. Chile's data on Tuesday is expected to show little change or perhaps a slight uptick in annual inflation from May, when consumer prices rose 4.4%. While that too remains above the central bank's target, policymakers signaled last month that they may soon resume monetary easing if global economic uncertainty remains limited. Mexico will release inflation data on Wednesday, a day before policymakers publish the minutes of their decision to cut rates by a half-point for the fourth consecutive time in late June. Analysts expect consumer-price increases to cool slightly, to 4.3%, from May. The minutes will offer clues into how they view headwinds facing an economy that narrowly missed tipping into recession early this year, and provide more hints on the likely pace of future easing. Brazil, the region's largest economy, publishes its data on Thursday, with Bloomberg Economics forecasting that it will mark the first breach of the country's new continuous inflation target. The central bank hiked rates again last month in an attempt to tamp down inflation that ran above 5% in May. Peru's policymakers will hold their latest rate decision Wednesday, with Bloomberg Economics expecting a quarter-point cut, to 4.25%, after they held steady at their last meeting. For more, read Bloomberg Economics' full Week Ahead for Latin America --With assistance from Swati Pandey, Derek Decloet, Vince Golle, Monique Vanek, Travis Waldron, Mark Evans and Piotr Skolimowski. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too For Brazil's Criminals, Coffee Beans Are the Target America's Top Consumer-Sentiment Economist Is Worried Sperm Freezing Is a New Hot Market for Startups Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
11 hours ago
- Yahoo
Trump and Musk's feud blows up again with threats of Doge and deportation
Donald Trump and Elon Musk's feud reignited this week with the former political allies trading sharp public threats of retribution. The blowup, centered around Musk's opposition to Trump's signature tax bill as it moves through Congress, ends a period of rapprochement between two of the world's most powerful men. Musk posted escalating attacks against Trump's sweeping spending bill on his social media platform X, calling the legislation 'insane' and vowing to form a new political party if it passed late Monday. In response, Trump claimed he could 'look into' deporting the South Africa-born billionaire, while also suggesting he could cut government subsidies for Musk's companies or set the so-called 'department of government efficiency' (Doge) on its former leader. 'Doge is the monster that might have to go back and eat Elon. Wouldn't that be terrible?' Trump asked reporters on Tuesday. Related: What's in Trump's big, beautiful bill? Tax cuts, deportations and more Musk's attempt to derail the tax bill was a major factor in his falling out with the president last month, and the Tesla CEO's renewed offensive comes at a sensitive time as Trump seeks to shepherd the legislation through Congress. The fight could test Musk's political influence over the Republican party as he seeks to peel away votes for the bill, as well as further deteriorate his once-close relationship with Trump. Musk has repeatedly criticized the legislation Trump calls his 'big, beautiful bill' for its potential to nullify the cuts to the federal government he made through Doge and for the likelihood it will add trillions to the national debt, which he has warned will 'bankrupt America' and imperil his dream of reaching Mars. Musk, a top Republican megadonor, intensified his campaign in recent days with threats that he would form his own 'America Party' and target lawmakers in upcoming elections who voted for the bill in 2026 primary elections. 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk posted. 'They will lose their primary next year if it is the last thing I do on this Earth.' Trump has rejected Musk's criticisms of the bill, alleging that his opposition is because the bill would end a tax credit for consumers purchasing electric vehicles. 'Elon's very upset that the EV mandate is gonna be terminated,' Trump said on Tuesday. 'Not everybody wants an electric car. I don't want an electric car.' When a reporter asked if Trump is considering deporting Musk, he responded that he didn't know but would 'take a look'. Musk replied to a video of the statement on X, saying: 'So tempting to escalate this. So, so tempting. But I will refrain for now.' Trump bought a Tesla in March. Trump's remarks were a stark turnaround from only months ago when he hosted a showcase for Tesla on the White House lawn in front of media, during which he encouraged his supporters to buy Musk's cars and sat in the driver's seat of a red Model S sedan. In contrast, Trump threatened this week that he could destroy Musk's businesses. 'Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa,' Trump posted on his Truth Social platform on Monday. 'No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE.' Musk's companies, especially SpaceX, are closely intertwined with US government agencies and have received billions of dollars in contracts from them. The government has meanwhile come to rely on SpaceX for key parts of its space travel and satellite communications programs, and the company is being considered for a role in building a new multibillion dollar missile defense program. The symbiotic relationship between Musk and the government has made any political tensions sensitive for his businesses, and Tesla's share price declined on Monday and Tuesday as the feud continued.
