Aug 3, 2011
It appears that GDP data revisions are not the only thing that the administration enjoys fudging with in order to make the Chinese ministry of Truth seem like a real ministry of truth. After last month the data for April food stamp recipients indicated the we may, just may, be reaching an inflection point in the foodstamp participation following a mere 60 thousand jump in those receiving Supplemental Nutrition Assistance Program (SNAP), today’s just released data confirmed that the BLS and BEA may have had a hand or two when determining this latest data series. Because the just announced jump in foodstamp usage of over 1.1 million is entirely out of the blue, and as the chart below shows, is the highest single monthly jump in Foodstamp participation since mid 2009, when eligibility requirements were adjusted. Yes, that’s 45.8 million people (obviously an all time record) living on foodstamps which amount to the whopping $133.80 per person (an increase of $0.54 M/M) and $283.65 (an increase of $1.29) per household. Obviously, annualizing the latest monthly rate of 1.1 million people, it means that over 13 million Americans will live on about one third what the cheapest iPad costs in about a year.
But wait, there’s more. Digging into the numbers reveals something pecuiliar: virtually the entire surge in monthly SNAP participation is due to one state alone: Alabama, which saw those living on foodstamps jump from 868K to 1.762MM. That’s 36% of Alabama’s population. Is this merely a grand rehearsal for the Jefferson County bankruptcy? Did the state see a mass surge in foodstamp use as hundreds of thousands are trying to game the system in advance of what will be an apic Chapter 9? And if yes, what does that mean for all the other states which will promptly follow in the footsteps of Jefferson County, and for US foodstamp participation?
Which begs the question: will Obama be the first president under whose rule total foodstamp usage hit 100 million? Surely, by then there will be a Nobel price for destroying one’s middle class better and faster than any communist in the history of the world, so at least there will be something to memorialize it with.
This article was posted: Wednesday, August 3, 2011 at 3:14 am