Sen. John McCain wants to get rid of the dollar bill and apparently help strippers make more money at the same time.
McCain is co-sponsoring bipartisan legislation that if passed could wind up increasing tip income for exotic dancers.
A new economic stimulus package perhaps?
The Arizona Republican and former presidential candidate is one of the senators behind the Currency Optimization, Innovation, and National Savings Act which would do away with the dollar bill in favor of the dollar coin. Abolishing the paper bill allegedly would save the government billions because currency has a short shelf life and metal is more durable.
One manager of a nightclub previously expressed reservations to The Hill about the practical effect of the COIN Act legislation: "I think it would be very awkward for everyone involved. How much more would a coin weigh than a dollar bill? It would be very hard... You can't put a coin in a garter belt."
As Mediaite notes, "Luckily, John McCain is here to make sure the strippers get a happy ending, assuring them that this just means they'll get bigger tips."
When this matter was brought to his attention, McCain suggested that strippers would be able collect the big bucks if dollars weren't around any more. "Then I hope that they could obtain larger denominations... fives, tens, one hundreds!"
McCain's co-sponsored law would not force an overnight switch by any means. The measure, if enacted, would require Federal Reserve banks to stop circulating paper $1 bills within five years of the COIN Act's effective date.
In general, do you think it is a good idea to abolish the dollar bill? Do you believe it is likely that strippers would actually earn more in tips for lap dancing and whatnot if the dollar bill was taken out of circulation as the senator seems to be claiming?