A new year means it is time for some of us make, then almost immediately break resolutions.

Resolutions can aim at losing weight, putting more away in savings, travelling more or using far fewer cuss words.

Well just the other day, while scanning news items, I came across a story that explained about losing — losing a lot.

The Wall Street Journal reported the federal government lost $45 million in the annual production of pennies.

Yep. Pennies.

In fact, the federal government lost $45 million in making millions pennies. At this point, it now costs 1.5 cents to manufacture one … just one … penny. So, that is a loss of a half cent every time one of those little Lincolns is produced.

While not old by some standards — and really old by my children’s standards — I do remember the day in which you could have purchased something for a penny.

Gumball machines took a penny and even some stores offered a piece of candy available for a penny.

No longer.

Today, the penny is the unwelcomed family of the change family. It has more value in making a decision — whether calling heads of tails — than it does in any buying power.

In fact, the same report showed the federal government lost millions in manufacturing the nickel.

Already some countries — like Australia and Canada — have done away with their version of the penny for the same reasons we should.

In this era of pushing for more fiscal responsibility from our local, state and federal governments, it is a wonder we can sit back and accept even the smallest — and yet blatant — form of government waste.

$45 million is a lot of money by any standard … well, except in the world of standards that accepts trillion-dollar budgets that have no dream of ever balancing.

Still, anyone who has run a lemonade stand longer than five minutes would tell you continuing to produce something at such a loss is irresponsible.

Yet, doing away with the penny is not as simple as it might seem.

Think of all the pricing and monetary structures that would need changing. And, rising costs would no doubt happen.

I cannot imagine any smart business deciding to move an item that now costs $2.53 to $2.50. Nope. That price is moving to $2.55 without a doubt.

Then you have to worry about how taxes would be altered to ensure it would round to the nearest five cents.

But with all of the problems I am sure would be created it, they still would not add up to $45 million.

Tim Reeves is publisher of The Vicksburg Post. You can reach him at tim.reeves@vicksburgpost.com.