Musings: Goodbye cash . . . hello future

This idea will likely be unpopular, but we shouldn’t end our monetary discussion about eliminating just the penny.

As a science fiction fan, I recall the “Star Trek” crew no longer used money. I’m not advocating that — but the time has come to consider moving past cash and paper checks. Let’s think about how best to move in that direction and begin to debate this topic so we avoid making changes without first getting significant input from broad groups of people and organizations.

Today, fewer transactions are processed with physical cash. Totally replacing dollar bills and coins with digital or credit/debit card payments has benefits. First, a more accurate classification of payments for budgets and forecasting will be available.

Consider, without physical cash, these other advantages:

• The potential to decrease illegal transactions.
• A higher rate of sales tax collection will occur.
• Fewer burglaries and robberies.
• Reduced costs for the U.S. Treasury, which produces and distributes currency.
• No lost time by retailers and to customers making change.
• No need for armored vehicles to transport cash.

Of course, there will be challenges. We have used prior improved methods of payment successfully. With preparation, education, and thoughtfulness, challenges to advancing this idea can be addressed.

— James Santangelo, Stony Brook