{"id":15963,"date":"2018-01-02T09:00:54","date_gmt":"2018-01-02T14:00:54","guid":{"rendered":"http:\/\/www.Centives.net\/S\/?p=15963"},"modified":"2018-01-02T07:18:08","modified_gmt":"2018-01-02T12:18:08","slug":"eliminating-the-penny-could-hurt-the-poor","status":"publish","type":"post","link":"http:\/\/www.Centives.net\/S\/2018\/eliminating-the-penny-could-hurt-the-poor\/","title":{"rendered":"Eliminating The Penny Could Hurt The Poor"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2018\/01\/010218_1213_Eliminating1.jpg\" alt=\"\" width=\"640\" height=\"370\" \/><\/p>\n<p>Inflation has eroded the value of the penny (a single cent) to the point where many propose eliminating it in America altogether. Roshini Nair reported on a study that looked at the implications:<\/p>\n<ul>\n<li>In 2013 Canada decided to phase out the penny for cash transactions \u2013 retailers would round to the nearest five cents.<\/li>\n<li>Debit and credit card transactions were unaffected by this move.<\/li>\n<li>Retailers <a href=\"http:\/\/www.centives.net\/S\/2012\/the-0-99-mystery\/\">tend to price things at 99 cent intervals<\/a> (e.g., $9.99) \u2013 rounding to the nearest five cents has the potential to boost their revenues.<\/li>\n<li>One study estimated that the average grocery store earned an extra $157 a year as a reslt of the change.<\/li>\n<li>Scale that across Canada and you get $3.3 million a year.<\/li>\n<li>Since the poor are more likely to pay with cash than the rich, the change hurts them proportionately more.<\/li>\n<\/ul>\n<p>Read the article <a href=\"http:\/\/www.cbc.ca\/news\/canada\/british-columbia\/grocers-get-revenue-boost-from-penny-rounding-says-prize-winning-ubc-paper-1.4440481\">here<\/a>.<\/p>\n<p>Via: <a href=\"http:\/\/marginalrevolution.com\/\">Marginal Revolution<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation has eroded the value of the penny (a single cent) to the point where many propose eliminating it in America altogether. Roshini Nair reported on a study that looked at the implications: In 2013 Canada decided to phase out the penny for cash transactions \u2013 retailers would round to the nearest five cents. Debit [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-bulletin"],"jetpack_featured_media_url":"http:\/\/www.Centives.net\/S\/wp-content\/uploads\/2018\/01\/010218_1213_Eliminating1.jpg","_links":{"self":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/15963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/comments?post=15963"}],"version-history":[{"count":3,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/15963\/revisions"}],"predecessor-version":[{"id":15966,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/posts\/15963\/revisions\/15966"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media\/15962"}],"wp:attachment":[{"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/media?parent=15963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/categories?post=15963"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.Centives.net\/S\/wp-json\/wp\/v2\/tags?post=15963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}