Welcome login | signup
Language en es fr
OccupyForum

Forum Post: US Foodstamp Usage Rises To New Record High

Posted 2 years ago on Oct. 5, 2012, 9:46 p.m. EST by Uneasy (19)
This content is user submitted and not an official statement

While the 0.4% perfectly unmanipulated and totally coincidental swing in the unemployment rate in an Obama favorable direction one month before the election came at a prime time moment for the market, one hour ahead of the open, setting the market mood for the rest of the day (which despite all best efforts still closed red, valiant efforts by Simon Potter and the FRBNY's direct pipe to Citadel notwithstanding), there was one other, far more important data point released by the government's department of agriculture, sufficiently late after the market close to impact no risk assets. That data point of course was foodstamps (or the government's Supplemental Nutrition Assistance Program, aka SNAP), and we are confident that no readers will be surprised to learn that foodstamp usage for both persons and households, has jumped to a new all time record.

At 46,681,833 million the persons hooked on SNAP, the July number crossed the previous record posted a short month before, as the foodstamp curve continues 'plumbing' newer and greater heights each month.

More disturbing is that in the same month, the number of US households reliant on foodstamps rose by a whopping 99,493 to 22,541,744. Assuming a modest 2 persons per household, the increase means that more people went on Foodstamps in the month of July than found jobs (181,000 according to the latest revised NFP data). Furthermore, it appears that buying votes has become a tad more expensive in the past month. After the benefit per household dipped to a record low in April at just $275.81, this has since retraced some of its losses and is now at an inflationary $277.92. Oh well: inflation.

Adding the number of disability recipients in the month of July, which in that month rose by 20,474, and one can see why the government is quite happy with dumping this particular release long after everyone was on their way back home for the weekend.

Finally, and putting it all into perspective, since December 2007, or the start of the Great Depression ver 2.0, the number of jobs lost is 4.5 million, while those added to foodstamps and disability rolls, has increased by a unprecedented 21 million. Oh and about $7 or $8 trillion in debt. Who's counting really.

And this is the real and only key economic statistic of today that nobody wants to talk about, because it is equally the fault of both parties.

http://www.zerohedge.com/news/2012-10-05/us-foodstamp-usage-rises-new-record-high

5 Comments

5 Comments


Read the Rules
[-] 1 points by Nevada1 (4784) 2 years ago

Thank you for post.

[-] 0 points by OTP (-203) from Tampa, FL 1 year ago

Could it be that food stamp usage is being exagerated to create a false sense of fear?

Or is it really true that almost 15% of the population is dependent on government to feed themselves?

[-] 0 points by Shayneh (-482) 2 years ago

Another example of just how the economy is doing. Boasting that he created 4.2 million jobs means nothing when the GDP is at 1.2% and only 112,000 jobs are created each month.

We need someone else in there to see if they can turn things around.

[-] 0 points by Clicheisking (-210) 2 years ago

Isn't this a good sign for the socialists? I'llbet they are celebrating.

[-] -1 points by yobstreet (-575) 2 years ago

Excellent! More profits for JP and more profits for me. But, you know, I find all of this highly discriminatory: "Food Stamp equality, now!" Everyone is entitled to eat, right?