One More For the Extinct List: Cash

This week, our president-elect, Donald Trump, is meeting with the leaders of some of the biggest technology companies in the United States including Apple, Amazon, Facebook, Google, Oracle, Cisco, IBM, and Intel. Rumor has it that Tesla and SpaceX CEO Elon Musk may even make an appearance.

While the top agenda item is rumored to be job creation within the United States, if he really wants to “Make America Great Again”, Trump should challenge this group of visionaries, business leaders, and geniuses to do one thing:

Eliminate cash from our society.

Before you stop reading because you think it’s a silly idea, really think about it. If we could eliminate cash from our society, we could impact or eliminate:

-          Illegal drugs

-          Illegal guns

-          Illegal gambling

-          Prostitution

-          Tax evasion

-          Illegal immigrant workers

-          Crime

Everyone would need to play by the same rules. No more hiding cash. No more paying workers less than minimum wage or avoiding payroll tax. No more creative accounting. No more moving large amounts of cash for illegal activities. No more petty theft because someone is trying to steal cash.

Everyone would be paid through direct deposit, which would be beneficial to the banks. To be paid, proper paperwork would need to be filed, meaning taxes would be collected and jobs could only be given to those in the country legally.

We also eliminate, over time, the jobs of the people who work to produce our cash and coins and replace them with higher paying computer programming jobs. If the president wants jobs here in the United States, he should encourage PayPal, Google, and Apple to work together with the banks to hire teams to work specifically on this project.

Give me one good (legal) reason why we continue to need cash.

Last month, the Indian government eliminated 80% of the country’s cash in an effort to crack down on corruption and illegal activities. If they are doing it in India, why aren’t we doing it here?

Per a 2014 article by the Federal Reserve Bank of San Francisco, cash is only used in 14% of the total consumer transaction activity, and is typically used for smaller purchases. Cash purchases average $21, while debits cards average $44 and checks $168.

Politics aside, we have a president-elect that isn’t bound by the rules of the past. He is thinking and acting outside of the box. This change that I am proposing has the potential to impact generations to come across a broad range of issues.

The time has come. Cash is no longer king.