3 ms·
Talk about your disingenuous headlines - it's not like this printing problem has cost the government $110 billion, it just represents $110 billion in printed cu
by brown9-2 16y ago
Talk about your disingenuous headlines - it's not like this printing problem has cost the government $110 billion, it just represents $110 billion in printed currency that is not yet in circulation.
That means the government spent about $120 million to produce bills it can’t use. On top of that, it is not yet clear how much more it will cost to sort the existing horde of hundred dollar bills.
In other words the true cost (so far) is one one-thousandth of the sensationalist headline.
And then there's this:
"A very high proportion of the notes will be fit for circulation," said Darlene Anderson of the Treasury Department. "We are working really hard to try to get a solution to the problem."
So basically, if estimates are correct, most of the costs will be re-couped and a minority will be true losses.
- hartror 16y agoYeah was listening to NPR talk about it and the two problems they're trying to deal with is fixing the problem that causes the faulty notes and sorting the faulty notes for the good ones so the good ones can be used.