30 March 2012
Canada Leads the Way? Elimination of the Penny
Many people that I have personal contact with me have heard some form of complaining about something unimportant in the grand scheme of life. One of my favorite rants, the continued existence of pennies. I hate pennies.
Inflation is necessary part of capitalist stability, and has long since rendered the penny obsolete. Rounding every purchase to the nearest 5 cents saves far more than it costs. There are many places to find analysis and commentary on this, here is one.
Even in a worst case scenario for an individual (say losing 3 cents on 10 purchases a day for an entire year) the losses are fairly insignificant (around $100 a year).
I can't fully explain why the little copper coins annoy me so much, but they do, and per the above story, my home nation is making a bid for me to return home (I can't think of any other reason for Canada to eliminate the 1 cent coin?)
Actually I can think of many....but I'll suggest that Canada needs me back as the primary reason (for now).