U.S. Currency, To Be Worthless in 2020, Will Feature a Woman for First Time

10Starting in 2020, when U.S. currency is expected to be worthless, a woman will appear on the $10 bill, marking the first time a woman will be depicted on the country’s paper money.

“This is an historic milestone for women and for the country,” U.S. Treasury Secretary Jack Lew said at an announcement yesterday. “It’s long past the time when a woman should be honored to be on what was once considered the world’s reserve currency.”

Jack Lew

Lew: Sorry, ladies

Lew said it was simply a trick of fate that a woman would finally appear on U.S. currency at a time when it would be worth a fraction of what it once was. “We were not hoping a woman would appear on our currency when it was worthless,” he said. “It was not our intention.”

Not all economic forecasters agree U.S. currency will be worthless by 2020, but there is widespread agreement that the role of the dollar as the world’s reserve currency is increasingly at risk for a variety of reasons, among them bad fiscal management by the federal government and systemically slow U.S. economic growth.

http://www.amazon.com/gp/product/B00S0GEASE/ref=as_li_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=B00S0GEASE&linkCode=as2&tag=mediab-20&linkId=ENTOPUR6ESPUQUYB“If Republicans in Congress decide to play politics with U.S. debt obligations once more, you can pretty much kiss the privileged status of the dollar goodbye,” says Martin Freer, distinguished professor of economics at Harvard University and the author of a forthcoming book on American fiscal mismanagement in government. “We’ve been fortunate that no one has tried to hold federal debt obligations hostage in the last two years, but the damage has already been done; the Chinese, the Europeans—they’re no longer looking at the U.S. dollar as the rock of stability that they once did. In some ways the dollar is a dead man walking.”

Bill Goldman, a former top Treasury official who heads up a new economic think tank, the Economic Policy Institute, points a finger at the wealthiest Americans for gutting the country’s economy. “Lawmakers have given the 1% tax break after tax break on the idea that they will reinvest in the country’s productivity, but that hasn’t been happening,” he says. “Instead, whatever money they don’t park abroad, the wealthy put into more homes and more boats. They’re not putting it back into the economy in the form of long-term investment in productivity and innovation.”

Whatever the state of the dollar five years down the road, recognizing a woman on U.S. currency is long past due, advocates say. “It remains a great honor to have a woman on the $10 bill, even if it will only be worth $1.45,” says Angie Morgan, president of the Women’s Business Council, a group of top female CEOs who provide policy recommendations for advancing women in business.

Chao

Face of the future?

Lew said the new $10 bill will probably be printed in China because the U.S. Mint, facing budget constraints over the last 15 years, has not upgraded its equipment in years and won’t be able to print the new bills. “We are working hard every day to enable us to print the new bills here in the United States but as I stand here today I can’t guarantee we will be able to do that,” he says.

One woman being talked about to appear on the bill when it is worthless is Elaine Chao, the first Chinese-American secretary of labor and the wife of U.S. Senate Majority Leader Mitch McConnell.

This is a work of satire. It is fictional news article not meant to be taken seriously. Photos (some modified): pd (Creative Commons and public domain). Not necessarily an endorsed use of images.

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