Would You Give Up the Dollar Bill?

America is in a constant state of fiscal concerns. With the recession under way, the government is always looking for ways to stick to the budget and spend less money. Seth Fiegerman reports about a study showing that the government could save money just by changing the currency.

"Earlier this month, the U.S. Government Accountability Office issued a formal proposal to the Treasury and Federal Reserve noting that if it eliminated the $1 bill and replaced it with the $1 coin, the country could save roughly $5.5 billion during the next 30 years. The reason, according to the agency's report, is that dollar bills have a shorter lifespan than dollar coins because they wear much faster, which in turn requires the government to spend more to print new bills."

This is of course easier said than done. There would be about a four year transition period in which the government would have to invest in the coins. But after the transition is complete, the government would be saving $522 million dollars per year. Fiegerman also reports that it has been noted that when Americans are given an option between bills and coins, Americans will always choose bills.
At the end of the article Fiegerman points out that this proposal has been brought up many times before and we still use dollar bills today, which shows that this idea is unlikely to pass. It is interesting to ponder though, whether or not you would be willing to give up the dollar bill in a time when the government is trying to cutback spending.

How Does Obama Feel About Losing his Top Economic Advisor?

Obama's top economic advisor, Larry Summers, is leaving the White House soon to return back to being a Professor at Harvard University. Not everyone seems to agree if this is a good thing or a bad thing. In an article from the CNN Wire Staff, Obama claims that,

"Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth, and while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry's wise counsel."

To Obama, Summers has contributed a great deal of his knowledge, and he is sad to see him go. A White House official explained that Summers agreed to a one-year policy. Obama, however, invited him to stay for one more year. Unfortunately, Harvard has a strict two-year leave policy and Summers had already committed to returning for the Spring semester of 2011.
Although Obama seems rather adamant that Summers' knowledge has been of great benefit, there are others who are happy to see him leave. 

"He was criticized by conservatives for his role in the Obama administration's economic stimulus package and its bailout of automakers General Motors and Chrysler, while some of the administration's liberal supporters accused him of watering down needed reforms in the wake of the financial crisis that erupted in 2008."

Regardless of everyone's opinion of Summers, his time to leave has arrived and he is staying loyal to his job at Harvard.