Where We Live: Cashless Society
Is It Too Expensive To Keep Cash?
Do you ever wonder what the cash in your pocket is really worth? It might cost more than you know.
According to the IRS, every year the U.S. government loses billions of dollars in tax revenue due to individuals underreporting, underpaying, or not filing their taxes.
But, tax evasion is just one problem associated with a society awash in cash that can’t easily be traced.
There is also the cost of making more money to stay ahead of counterfeiters, protecting the money we already have, and caring for those sickened by dirty money. In addition, cash props up illicit trade in weapons, drugs, and sex.
Are you ready to go cashless? Not so fast...
If we get to a “cashless society” - what happens to those who rely on tips? How about the poor - and those who can’t get credit? And do we really want banks knowing every single purchase we make?
Today we’ll talk to David Wolman, who recently spent a year without touching cash, along with an economist and a finance journalist.