The Penny Debate: Retire it or Keep it?
People say that finding a penny will give you good luck. I say that finding pennies is annoying. Where am I supposed to put the ninety million pennies I find in my couch? WHERE? Hello everybody, it is Hibba, your weekly debating blogger. Today’s topic is: Should the U.S keep the penny, or retire it? As you might have guessed, I am no fan of the penny. You might think that if there is no penny, we will have higher prices.This is nothing but a myth. This is actually based off an inaccurate study, which showed that when people would round to the nearest nickel, they would always round to the higher price, rather than to the lower price. This supposedly hurt the economy And this study, no surprisingly, was funded by the Zinc lobby. And for those who do not know, 97.5 percent of the penny is made of ZINC. Don’t try to be slick Zinc lobby…. In a newer study done by Robert Whaples, an economics professor from Wake Forest University, used data from about 200,000 transa...