Elon Musk’s DOGE setting its sights on the penny

Published On Jan 23, 2025, 4:23 PM

Elon Musk's Department of Government Efficiency (DOGE) is exploring ways to cut federal government spending, with one of its targets potentially being the penny. Producing each penny costs approximately 3.69 cents, leading to significant costs for taxpayers, totaling $119 million in the last fiscal year. This has prompted DOGE to consider eliminating the penny, mirroring a similar decision by Canada in 2012, where the coin was phased out due to its diminished purchasing power and economic burden. While Musk aims for a broader goal of $2 trillion in federal spending cuts, he has acknowledged that reaching this target may be challenging.