Press Release: Currency Modernization Will Save Taxpayers $13.8 Billion
CURRENCY MODERNIZATION WILL SAVE TAXPAYERS $13.8 BILLION
New Economic Analysis by Former Chief Economist for Senate Banking Committee Finds Budget Savings Are Nearly 3X Higher Than Recent GAO Estimates
Executive Summary – Time for Change: Modernizing To Dollar Coin Saves Taxpayers Billions
WASHINGTON, DC – A new economic study estimates the savings to American taxpayers of modernizing U.S. currency from the dollar note to the dollar coin at $13.8 billion – nearly three times recent estimates.
At a Congressional briefing featuring Senator John McCain and hosted by the Council for Citizens Against Government Waste and the Dollar Coin Alliance today, Aaron Klein, former Chief Economist for the Senate Banking Committee and Deputy Assistant Secretary of the U.S. Treasury, released his analysis on the budget impact of the dollar coin, Time For Change: Modernizing To The Dollar Coin Saves Taxpayers Billions.
“Those who would block currency reform are fast running out of excuses,” says Bill Christian, of CCAGW. “Once again, an in-depth study of taxpayer savings from eliminating the $1 bill in favor of the $1 coin has been conducted, and once again, the result is clear: eliminate the $1 bill and save billions. The federal government should always be looking for ways to save money, and as the national debt approaches $17 trillion, the implications of Mr. Klein’s study amount to much more than pocket change.”
In addition to Klein’s conclusion that the real budget impact of modernizing to the dollar coin is likely more than $13 billion in savings over 30 years, the study also provides a detailed analysis of the benefits to small and large businesses, the positive environmental impact of the dollar coin, and the benefits to the millions of Americans who are blind or visually-impaired. Nearly every other major economy has successfully transitioned their lowest denomination currency to a coin – in some cases generating as much as ten times initially estimated savings.
“Modernizing our currency just makes sense,” said former Congressman Jim Kolbe (R-Z), Honorary Co-Chair of the Dollar Coin Alliance. “As Congress continues to look for ways to reduce the government’s deficit, we can’t afford to ignore the $13.8 billion that we’d save through currency reform. The dollar coin saves us billions without raising a single tax or cutting a single program.”
Monday’s briefing follows the reintroduction of the Currency Optimization, Innovation and National Savings (COINS) Act (S. 1105), which is designed to save the country billions of dollars by eliminating the wasteful, inefficient $1 note. The COINS Act was introduced last month by a bipartisan group of lawmakers including Sens. Tom Harkin (D-IA), John McCain (R-AZ), Tom Coburn (R-OK), Mike Enzi (R-WY), and Mark Udall (D-CO). The elimination of the dollar bill and transition to the coin has also been endorsed by a broad coalition of supporters, including editorial boards from across the country such as The New York Times, The Washington Post, The Chicago Tribune, Los Angeles Times, Wisconsin State Journal, and USA Today.
It also follows nine recommendations by the nonpartisan Government Accountability Office to Congress urging a transition to the dollar coin, and several public opinion polls that have found two-thirds of Americans in support of a transition to the coin due to the estimated budget savings.
The elimination of the dollar bill in favor of the coin has also been endorsed by a broad coalition of supporters, including the Domenici-Rivlin Debt Reduction Task Force, and editorial boards from across the country such as The New York Times, The Washington Post, The Chicago Tribune, Los Angeles Times, Wisconsin State Journal, and USA Today.
About the Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of small businesses, budget watchdogs, transit agencies and labor groups dedicated to saving American taxpayers billions of dollars by transitioning to a one dollar coin, and focused on educating taxpayers and policy-makers about the benefits of increasing dollar coin circulation. For more information please visit www.DollarCoinAlliance.org.
About The Council for Citizens Against Government Waste
The Council for Citizens Against Government Waste (CCAGW) is the lobbying arm of Citizens Against Government Waste, the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.
For Immediate Release
July 22, 2013
Contact: Bryan DeAngelis