PHILADELPHIA – Everyone is entitled to their own opinion, but that’s starting to count for less and less these days as major economic indicators shows that “my 2 cents” is failing to keep up with inflation.
Federal Reserve chair Janet Yellen issued a statement “The average working American’s two cents has lost nearly 8.1% of its persuasive power since 1968. The penny, which costs taxpayers more per coin to make than the actual penny is worth, is seen by most consumers as unworthy of bending down to pick up off the ground, no matter how many marketing dollars we put into coining it the ‘lucky penny.’”
The superstition that it’s bad luck to not pick up a penny has been propagated by the rhyme, “Find a penny, pick it up, all day long, you’ll have good luck.” However germaphobia now outweighs the perceived value of the “luck” that comes with the penny.
Other old-timey sayings are struggling too. “Penny for your thoughts?” was once a way of saying that I’m so interested in what you are thinking, I’d be willing to pay money to find out. Now, it’s an insult. Pennies literally weigh our economy down. Seriously, you shouldn’t bother leaving the house with less than $20 these days, but carrying around 2,000 pennies, weighing in at 11 pounds would physically slow anyone down.
The penny isn’t the only coin with problems. “If I had a nickel for every time…” has ceased to hold its weight in itself. Seriously, if you had a nickel for every time you did anything, you’d have a bunch of nickels to show for it, and that’s about it.