Pennies for Your Thoughts: The Restaurant Lobby's Newest Plea
The government’s decision to stop minting pennies has sparked quite a stir, especially among restaurant owners who are now lobbying for relief. They’re asking the Federal Reserve to keep circulating existing pennies and for Congress to implement rounding rules to ease the burden of making change. It’s pretty wild when you think about it—around a quarter of all restaurant transactions are still cash, so this move is making life a bit trickier for both businesses and customers. What’s funny, albeit a bit sad, is that it seems like the government didn’t really consider the consequences of this decision at all. But hey, that’s just par for the course, right? We’d love to hear your thoughts on this, so drop by jamesabrown.net and let us know!
Takeaways:
- The government halted penny minting, causing immediate lobbying by restaurants for relief.
- The National Restaurant Association is pushing for existing pennies to remain in circulation.
- They are also advocating for Congress to implement rounding rules for cash transactions.
- The reality is that many cash transactions still occur, complicating change for businesses.
- It's ironic that the government seems oblivious to the consequences of their decisions.
- This situation highlights ongoing challenges faced by businesses in adapting to monetary policy changes.
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Transcript
This is the Daily note from jamesabrown.net this one was so predictable.
Speaker A:The government stopped minting pennies, and within weeks the National Restaurant association is lobbying for relief.
Speaker A:They want the Federal Reserve to keep circulating existing pennies and Congress to pass rounding rules.
Speaker A:They also want safe harbor from lawsuits.
Speaker A:And the logic is pretty strong here.
Speaker A:They say a quarter of all restaurant transactions are still all cash.
Speaker A:All this means making change is harder on businesses and people.
Speaker A:But what's funny to me here, and kind of sad too, is our government apparently didn't care or ask or consider the consequences of their choices.
Speaker A:Par for the course, I suppose.
Speaker A:What do you think?
Speaker A:Let me know on jamesabrown.net on that note.
Speaker A:I'm James A.
Speaker A:Brown, and as always, be well.
