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Is Cold Hard Cash on its Way Out?

Jacob Slater, Staff Writer

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One of the more recent debates over the past few months have been on the topic of U.S. currency. The questions have been whether it’s reliable, or who should be on the twenty dollar bill. But one of the more extreme changes that has been brought up is eliminating the dollar bill altogether.

Since the release of a source of payment from your phone in December of 2015, the threat to remove cash has become a very real. If we eliminated the bills, what is a serious issue? We rarely use cash for most of our expenses over fifty dollars, whether credit or electronically. And not to mention that its uncommon to see a hundred or fifty dollar bill on any type of regular basis. So why do we even have them? Yes you may use them for large buys in your life, but otherwise its unnecessary.

Once one passes it off, the problem doesn’t end there either, the party receiving the large bill is now in trouble. Many places don’t take a large bill and often has to be broken into smaller bills to be accepted. The use of the large bills has become a contagious disease.

Bringing to light another issue, cash is mostly used in illegal activity such as political corruption, tax-evasion and the selling of drugs. Eliminating these large amounts of bills would in a way decrease crime activity by taking away criminals’ financial power.

The fact of the matter is we don’t really need large bills nor do we use them. Of course there are holes in this plan right now and many people would probably be outraged by this, but in the end its the best choice for the U.S. currency. It’s just a matter of time before this new system will be integrated into the U.S. because its logical and sustainable, whether people like it or not.

 

Link – https://www.washingtonpost.com/news/wonk/wp/2016/09/27/maybe-its-time-america-gets-rid-of-most-of-its-cash/

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The news site of Bullard High School.
Is Cold Hard Cash on its Way Out?