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should the US consider a currency redenomination? (lemmy.zip)

submitted 10 months ago by shortwavesurfer@lemmy.zip to c/personalfinance@lemmy.ml

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Prices of things are becoming absolutely insane. $800+ rent, $30,000 cars, $10 sub sandwiches, etc. It would be nice to do a 3/1 split and cut everything by 2/3. Then we would have $266 rent, $10,000 cars, and $3.33 sub sandwiches. Wages, debts, everything would drop to 1/3 what they are now. It would also make coins useful again since a vending machine soda would be 2 quarters again.

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[–] TheAlbatross@lemmy.blahaj.zone 1 points 10 months ago* (last edited 10 months ago) (1 children)

Don't get me wrong, I'd much rather be paying $266 in rent, though if I'm making one third of what I do now, I'm still in the same spot, just... with smaller numbers.

[–] shortwavesurfer@lemmy.zip 1 points 10 months ago* (last edited 10 months ago) (1 children)

Right, as I said, it is definitely more psychological than actually helpful, but it would definitely feel a lot better to see smaller numbers. Hell, the national debt is even hard to write. 33,000,000,000,000

[–] TheAlbatross@lemmy.blahaj.zone 2 points 10 months ago* (last edited 10 months ago) (1 children)

But the national debt is irrelevant to me. It has zero impact on my day to day life. It's just some imaginary number pundits can shout about to push their utterly disconnected agendas.

Even if I could wrap my head around it, that wouldn't improve the credit rating of the nation, even if I could manage to care one iota about that.

I'm sorry, I'm just struggling to understand why it's useful to have a national debt that's a small enough number for me to visualize some quantification of it.

[–] shortwavesurfer@lemmy.zip 1 points 10 months ago (1 children)

True, but as the national debt grows, everything else grows with it, and inflation, and eventually rent would be $10,000 a month.

[–] TheAlbatross@lemmy.blahaj.zone 1 points 10 months ago* (last edited 10 months ago) (1 children)

Sorry, I don't think I follow as to why that's bad. If I pay, say, $1,000 in rent and earn $3,000 a month, it's the same thing as if I paid $10,000 in rent and made $30,000 a month.

While I can see how those numbers could be reduced into smaller numbers easily, I'm not sure I understand why that is beneficial. My material conditions don't change.

How does the national debt factor into that?

[–] shortwavesurfer@lemmy.zip 1 points 10 months ago

Primarily, just that the numbers are unnecessarily large and could be factored down to more manageable numbers.