Reader’s View: Cashless economy would not simplify lives – Duluth News Tribune

A Philadelphia Inquirer editorial published in the News Tribune on Nov. 28 (Other View: “

US slowly but wisely moving to a cashless economy

,” caught my attention. So, I thought I’d add my own two cents’ worth.

Its arguments included that it costs more to make pennies than the pennies are worth, so a completely digital economy could reduce waste while simplifying how Americans pay their bills. Well, granted, maybe pennies are impractical, but how about nickels, dimes, and quarters?

All nostalgia aside, those of us who have less, have more — or, at least, not a mandatory Federal Reserve credit card that could eventually come with charges and interest rates, making it easy to accumulate ponderous debt. Were Central Bank Digital Currency (CBDC) used to make all purchases, it would not simplify our lives. I would guess consumers would bear the cost of manufacturing and circulating CBDC cards with our taxes; and in a capitalist economy, private businesses and corporations would surely add charges to benefit themselves.

Since I have a small income, I rely on a Visa debit card I load myself to pay for many things I want to keep track of with an online account. Since it limits how much I can load, it gives me just as much help as I need. While it comes with loading and transaction charges that seem a bit harsh, I don’t need to worry about temptation, onerous interest rates, or being nickeled and dimed into unmanageable debt.

I still give plenty of credit to philosophers like Thoreau who famously wrote, “We don’t ride the railroad, the railroad rides us.” So what price are we willing to pay for schemes that supposedly simplify life? If Thoreau knew about the travails of PCs and digital technology, he probably would turn over in his grave.

Peter W. Johnson

Superior