Credit Will Steacy / Courtesy of Michael Mazzeo Gallery
Photographs show money that has been removed from circulation.
We've all desperately tried to force a crumpled dollar bill into a vending machine to no avail. Fortunately, when your dollar is that decrepit, it's on death's door and will likely be removed from circulation.
The average lifespan of a $1 bill, according to the Federal Reserve Bank of New York, is 21 months. Eventually, money is destroyed — either by the Federal Reserve itself, or by the places that create it to begin with: the Bureau of Engraving and Printing, and the U.S. Mint. On average, 5 million unfit currency notes are destroyed each day.
Americans put more of their money into savings in June, at the expense of consumer spending — and that came as a surprise to analysts. The month's drop in spending was the first in nearly two years (20 months).
The House voted to pass the compromise spending plan Monday night, but drops in federal and state credit ratings remain possible, particularly for South Carolina. To learn about the bill's local ramifications, host Michel Martin speaks with S.C.'s House Rep. for the sixth district, S.C.'s Treasurer, and the mayor Columbia, S.C.
The federal government recently announced that starting Aug. 2012, insurers must offer female preventive health services without extra costs to patients. Host Michel Martin discusses the controversial plan with the Health and Human Services Secretary. Martin also explores what the debt deal means for the Affordable Care Act with a Senior Correspondent from Kaiser Health News.
Pity the politicians as they struggle to a hammer out a deal on the US debt: the endless negotiations, the late agreements that collapse by the morning news cycle. Everywhere they turn they seem to constrained - hemmed in – by forces pulling in every direction.