USA 2008: The Great Depression

[Wags]

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

 

[Notmuchlonger]

Wags,

Only the Great Al Gore can save us now.

YouTube - Bonnie Tyler- I Need A Hero


O0

 

[d]

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)

 

[dex]

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.

 

[Wags]

Wags,

Only the Great Al Gore can save us now.

YouTube - Bonnie Tyler- I Need A Hero


O0

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.

YouTube - 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

 

[Htown Harry]

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"...

 

[Notmuchlonger]

HH,

Headlines sell.

 

[Htown Harry]

HH,

Headlines sell.

Indeed. And seven posts on this thread in an hour and a half proves the point!

 

[Wags]

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

 

[haha]

That Bonnie Tyler piece is truly scary. But let's give thanks to God for the great Dwight Yoakum.

YouTube - Man of Constant Sorrows


Ha

 

[Midpack]

Didn't a recent thread just like this result in the distribution of tinfoil hats?

http://www.early-retirement.org/forums/f28/how-position-investments-coming-depression-34420.html

 

[innova]

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!

 

[BoutDone]

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!

 

[al_bundy]

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

 

[Wags]

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