Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
USA 2008: The Great Depression
Old 03-31-2008, 07:52 PM   #1
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 961
USA 2008: The Great Depression

The Independent World has an interesting article - USA 2008: The Great Depression - Food stamps are the symbol of poverty in the US. In the era of the credit crunch, a record 28 million Americans are now relying on them to survive – a sure sign the world's richest country faces economic crisis

USA 2008: The Great Depression - Americas, World - The Independent

Excerpts from the article

We knew things were bad on Wall Street, but on Main Street it may be worse. Startling official statistics show that as a new economic recession stalks the United States, a record number of Americans will shortly be depending on food stamps just to feed themselves and their families.

Dismal projections by the Congressional Budget Office in Washington suggest that in the fiscal year starting in October, 28 million people in the US will be using government food stamps to buy essential groceries, the highest level since the food assistance programme was introduced in the 1960s.

End of excerpts.

If we are truly in a depression the demands for assistance by the poor, the elderly, persons with disabilities and the middle class will increase.

GOD BLESS US ALL
__________________

__________________
War is a poor chisel to carve out tomorrow. - Martin Luther King Jr.
Seek peace, and pursue it. - Psalms 34:14
Be kind to unkind people - they need it the most - by Ashleigh Brilliant.
Wags is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-31-2008, 08:16 PM   #2
Thinks s/he gets paid by the post
 
Join Date: Dec 2007
Posts: 4,764
Wags,

Only the Great Al Gore can save us now.




__________________

__________________
Notmuchlonger is offline   Reply With Quote
Old 03-31-2008, 08:24 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Posts: 1,487
a recession has not yet been declared, and now we're in a depression?

what wasn't mentioned in the excerpt: "the percentage of Americans receiving food stamps was higher after a recession in the 1990s" (UPI)
__________________
d is offline   Reply With Quote
Old 03-31-2008, 08:58 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
No matter what happens it will sound like a depression.

Just imagine what people would be saying if the economic condition were like those in the early '80s

That is part of the problem - many people don't remember that time. For the last 28 years or so economic times in the USA have been relatively good.compared to that time.

In the mean time we have 24hr news channels; the internet; and high expectations.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Old 03-31-2008, 09:25 PM   #5
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 961
Quote:
Originally Posted by Notmuchlonger View Post
Wags,

Only the Great Al Gore can save us now.




Notmuchlonger, you just might be right about the GREAT Al Gore.

And with that being said I think I will listen to Dwight Yoakam & Buck Owens' Streets Of Bakersfield.



I do have to admit that Dwight is a hell of a dancer. As for Buck a true legend. The song is a reflection of how some people feel about the GREAT Al Gore.

GOD BLESS US ALL
__________________
War is a poor chisel to carve out tomorrow. - Martin Luther King Jr.
Seek peace, and pursue it. - Psalms 34:14
Be kind to unkind people - they need it the most - by Ashleigh Brilliant.
Wags is offline   Reply With Quote
Old 03-31-2008, 09:27 PM   #6
Thinks s/he gets paid by the post
Htown Harry's Avatar
 
Join Date: May 2007
Posts: 1,516
Quote:
Originally Posted by Wags View Post
The Independent World has an interesting article - USA 2008: The Great Depression - Food stamps are the symbol of poverty in the US. In the era of the credit crunch, a record 28 million Americans are now relying on them to survive a sure sign the world's richest country faces economic crisis
IMHO, this article is a fine example of lazy reporters and sensationalist headline writers taking one statistic and going wild.



From the New York Times article today, from which all the other media seem to have stolen their stories:
"[The CBO] projected a continued increase in the monthly number of recipients in the next fiscal year, starting Oct. 1 to 28 million, up from 27.8 million in 2008, and 26.5 million in 2007..."
Hmmm...that's about a five percent increase from '07 to '08 and a prediction of a further increase of less than one percent for next year.

So, let's get some historical context on USDA's web site, where there's data showing the number of recipients by year, going back to the program's inception. Food Stamp Program Annual Summary

The attached graph takes their data and the statistic cited by the Times and shows the 10-year trend line.

Hmmm...nothing too alarming about the three or five-year trend there.


Dig a little deeper, and you'll find this March 13 congressional testimony from Nancy Johner, Under Secretary for Food, Nutrition, and Consumer Services (emphasis added):
"[The Administration's estimate for 2009] includes a monthly average participation level of 28.0 million persons in the Food Stamp Program, an increase of approximately 200,000 over fiscal year 2008 and over 11 million above fiscal year 2001. This increase reflects our success in improving the rate of participation among eligible individuals. From fiscal year 2001 through fiscal year 2005, the last year for which data are available, the Food Stamp Program participation rate increased from 54 percent to 65 percent."
And the reporter's conclusion is that this is a "sure sign the world's richest country faces economic crisis"...
Attached Files
File Type: doc food stamp recipients 1999-2008.doc (30.5 KB, 5 views)
__________________
Htown Harry is offline   Reply With Quote
Old 03-31-2008, 09:29 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Dec 2007
Posts: 4,764
HH,

Headlines sell.
__________________
Notmuchlonger is offline   Reply With Quote
Old 03-31-2008, 09:40 PM   #8
Thinks s/he gets paid by the post
Htown Harry's Avatar
 
Join Date: May 2007
Posts: 1,516
Quote:
Originally Posted by Notmuchlonger View Post
HH,

Headlines sell.
Indeed. And seven posts on this thread in an hour and a half proves the point!
__________________
Htown Harry is offline   Reply With Quote
Old 04-01-2008, 12:03 AM   #9
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 961
CBS News - More Americans Turning To Food Stamps

More Americans Turning To Food Stamps, Amid Economic Slowdown, Record 28 Million In U.S. Expected To Use Program In Coming Year - CBS News

The plight of those who need assistance will continue and will eventually get worse if food, gas, and heating oil continue to increase.

GOD BLESS US ALL
__________________
War is a poor chisel to carve out tomorrow. - Martin Luther King Jr.
Seek peace, and pursue it. - Psalms 34:14
Be kind to unkind people - they need it the most - by Ashleigh Brilliant.
Wags is offline   Reply With Quote
Old 04-01-2008, 01:26 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,382
That Bonnie Tyler piece is truly scary. But let's give thanks to God for the great Dwight Yoakum.




Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 04-01-2008, 06:22 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,968
Didn't a recent thread just like this result in the distribution of tinfoil hats?

http://www.early-retirement.org/foru...ion-34420.html
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 04-01-2008, 08:11 AM   #12
Recycles dryer sheets
 
Join Date: Jun 2007
Posts: 183
That reminds me of the alarmist headlines about the number of Americans with no health insurance.. nevermind that a significant fraction of the number cited were illegal immigrants!
__________________
innova is offline   Reply With Quote
Old 04-01-2008, 08:21 AM   #13
Recycles dryer sheets
 
Join Date: Jan 2008
Posts: 159
When you offer something for free, people use more of it.

When you spent money promoting your free offer, people use even more of it.

Maybe the government should just send out money even if nobody asks for it. Oops, been there done that with the fed stimuless package.

Hopefully Obama can straighten this mess out. NOT!
__________________
BoutDone is offline   Reply With Quote
Old 04-01-2008, 09:46 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,543
Quote:
Originally Posted by Wags View Post
CBS News - More Americans Turning To Food Stamps

More Americans Turning To Food Stamps, Amid Economic Slowdown, Record 28 Million In U.S. Expected To Use Program In Coming Year - CBS News

The plight of those who need assistance will continue and will eventually get worse if food, gas, and heating oil continue to increase.

GOD BLESS US ALL
NYC i sometimes see people shop with multiple food stamp cards
__________________
al_bundy is offline   Reply With Quote
Old 04-01-2008, 10:41 AM   #15
Full time employment: Posting here.
 
Join Date: Aug 2007
Posts: 961
Quote:
Originally Posted by al_bundy View Post
NYC i sometimes see people shop with multiple food stamp cards
Mr, Bundy, you are right on the money as far as people abusing the system. It's shameful.

The system is a run away freight train on which the brakes need to be applied so that the people that are abusing the system can be held acoountable and so that those that really need the assistance can benefit.

GOD BLESS US ALL
__________________

__________________
War is a poor chisel to carve out tomorrow. - Martin Luther King Jr.
Seek peace, and pursue it. - Psalms 34:14
Be kind to unkind people - they need it the most - by Ashleigh Brilliant.
Wags is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Next American Depression Jbird Young Dreamers 23 10-01-2007 02:51 AM
Depression frayne Life after FIRE 19 09-19-2006 11:21 AM
Poll on depression mickj Other topics 10 07-12-2006 12:39 PM
The Next Depression ? renferme FIRE and Money 87 03-14-2006 04:58 PM
Depression After Resigning Rob Hi, I am... 40 01-06-2006 03:23 PM

 

 
All times are GMT -6. The time now is 07:48 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.