PRESS RELEASE: Dollar Note Makes Senator McCain’s “America’s Most Wanted: Running Spending List”
WASHINGTON, DC (January 12, 2016) – Senator John McCain (R-AZ) recently released his “America’s Most Wasted: Runaway Spending” list, outlining outrageous government spending at the expense of the American taxpayers that occurred throughout 2015. Sen. McCain’s report highlights the inefficiency and costly dollar note as one of 50 government programs identified as wasteful, duplicative and inefficient government spending.
McCain outlined the many benefits of currency modernization in his report, including that the switch to the dollar coin could save American taxpayers roughly $4.4 billion over 30 years. Other estimates found savings more than three times that amount.
A report released by a former Treasury Department economist estimated that modernizing to the dollar coin would save taxpayers at least $13.8 billion. The dollar coin, recyclable after 30 years of use, far outlives its wasteful counterpart. In fact, a single dollar coin will replace up to 17 one-dollar bills during its lifetime.
“Senator McCain gets it – the math on the dollar note just doesn’t add up,” said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. “We waste millions each year printing inefficient notes. Currency modernization is an opportunity to eliminate wasteful spending and save taxpayers billions. Other countries have recognized the cost savings and benefits of switching to coins from low-value paper currency, including Canada, the United Kingdom, France, Spain and others. It’s time for the US to catch up.”
In Canada, the federal government experienced cost savings ten times their initial estimate when eliminating the dollar bill. And, contrary to popular belief – a majority of Americans support a transition to the dollar coin as a way to reduce the deficit.
For more information, please visit www.DollarCoinAlliance.org.
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, or to get involved, please visit www.DollarCoinAlliance.org.
Contact: Bryan DeAngelis