46.5 Million Americans, Record 22.3 Million US Households, On Foodstamps – 8,753,935 On Disability

46.5 Million Americans, Record 22.3 Million US Households, On Foodstamps; 8,753,935 On Disability (ZeroHedge, July 27, 2012):

America’s transition into a welfare state continues, as May saw a new all time high number of American households, 22.3 million to be exact, enter technical poverty and collect foodstamps. At the individual level, 46.5 million Americans lived off foodstamps, a 222,157 increase in the month, or nearly three times the number of people who found jobs in June according to the BLS. Next month this too will be a record, as it is currently just 17,367 before the previous all time high set in December of 2011. The good news, and we use the term loosely, is that the average benefit per household rose from all time lows of $275.82 to $276.76. Surely, the bottom is in and just like housing, there is on blue skies ahead.

And before we go, here is the total number of Americans on disbility: 8,753,935.

Combined foodstamp and disability recipients: 55,250,723

An ‘Economic Quality’ Scorecard Of The Obama Regime

An “Economic Quality” Scorecard Of The Obama Administration (ZeroHedge, July 7, 2012):

With the US presidential election just 4 months away, focus on tier 1 economic data will become acute, as will headlines blasting top-line data without much, if any, underlying “between the lines” analysis. Which is why we have decided to put together a template of key data series that in our opinion best capture the dramatic shift in the labor composition of the US welfare state under the Obama administration, starting with January 2009. Here are the facts:

  • Total Nonfarm Payrolls have decreased by -1.3 million from December 2008 (134,379K) to June 2012 (133,088); Source: St. Louis Fed
  • Full-time jobs based on the Household Survey, have decreased by 2.5 million from 117,039K to 114,573K; Source: Table A.9, BLS
  • Parti-time jobs based on the Household Survey, have increased by 1.6 million from 26,3187 to 27,894K; Source: Table A.9, BLS
  • Foodstamps recipients have increased by 14.6 million from 31.567 million to 46,187 (as of April 2012); Source: USDA
  • Disability recipients have increased by 1.3 million from 7.427 million to 8.733 million; Source: Social Security Administration

And that, in a nutshell, is how the economy has performed over the past 42 months.


Which, however, is not to say that in addition to millions on foodstamps and disability, and just over a million part-time workers added, the US has little to show for the last three and a half years: as the chart below shows, over the same time period Total Public Debt to GDP has risen from 76.7% to 101.7%, a 25% increase in absolute terms.

Collapse: Record Number Of US Households On Foodstamps – 46,405,204 People At Or Below Poverty Level And Thus Eligible For Foodstamps, A 79K Increase In The Month

See also:

Collapse: 100 Million Americans Don’t Have A Job!

Collapse: Foreclosures Made Up 26 Percent Of U.S. Home Sales In First Quarter Of 2012

Record Number Of US Households On Foodstamps (ZeroHedge, Jun 4, 2012):

Last month, when the USDA released the latest foodstamps numbers for the month of February, there was some hope that following a third month of declines, we may just have seen the peak of US foodstamp usage and going forward we would only see the number decline. Sadly, the latest numbers refutes this: in March a total of 46,405,204 persons were at or below poverty level and thus eligible for foodstamps, a 79K increase in the month. Yet while many individuals have learned to game the system, and this numbers at the peak may fluctuate, when it comes to the far more comprehensive and difficult to fudge “households on foodstamps” number, there was no confusion: at 22,257,647, the number of US households receiving the “SNAP treatment” rose to an all time high, even as the benefit per household dropped to the second lowest ever. At least all these impoverished believers in hope and change have FaceBook IPO profits to look forward to. Oh wait.

CBO: Food Stamp Rolls See 70% Increase Since 2007, To Grow Through 2014

Food Stamp Rolls to Grow Through 2014, CBO Says (Wall Street Journal, April 19, 2012):

The Congressional Budget Office said Thursday that 45 million people in 2011 received Supplemental Nutrition Assistance Program benefits, a 70% increase from 2007. It  said the number of people receiving the benefits, commonly known as food stamps, would continue growing until 2014.

Spending for the program, not including administrative costs, rose to $72 billion in 2011, up from $30 billion four years earlier. The CBO projected that one in seven U.S. residents received food stamps last year.

In a report, the CBO said roughly two-thirds of jump in spending was tied to an increase in the number of people participating in the program, which provides access to food for the poor, elderly, and disabled. It said another 20% “of the growth in spending can be attributed to temporarily higher benefit amounts enacted in the” 2009 stimulus law.

Read moreCBO: Food Stamp Rolls See 70% Increase Since 2007, To Grow Through 2014

Land Of The Free, Home Of The Hungry

See also:

Urgent: Food Stamps To Be Ended Unless Microchipped!

US Food Stamp Use Reaches Record 45.8 Million

Nowhere is the chasm between America’s political class and its working poor more vast than in the demand to cut food stamps

US food stamps: Republican lawmakers want to cut the Department of Agriculture’s budget for food stamps by 20%

Land of the free, home of the hungry (Guardian, Dec. 9, 2011):

On Monday afternoon this week, Rachelle Grimmer went into a Department of Health and Human Services in Texas with her two children, Timothy, aged 10, and Ramie, aged 12, and asked for a new case worker who could assist her application for food stamps. She had first applied in July but had been told she hadn’t provided enough information and, by most accounts, had been struggling to get by and get help since she moved from Ohio.

She was taken to a small room, where she pulled a gun, sparking a seven-hour standoff with police. Shortly before midnight, three shots were heard. Rachelle had shot both herself and her kids. Police rushed in to find the mother dead and Ramie and Timothy in critical condition. Earlier that morning, Ramie had posted a Facebook message, saying: “may die 2day”. She actually hung on until Wednesday. Timothy’s condition remains critical.

The tragic unravelling of this particular episode is hardly typical. But the desperation that underpins it is. For, in this period between Thanksgiving and Christmas (when many Americans are worrying about what overindulging will do to their waistline), a significant number is wracked with an entirely different concern: not having enough to eat.

This is no marginal group, no handful of unfortunates and ne’er-do-wells in a time of crisis. Indeed, in one of the wealthiest countries in the world, food insecurity is a common, growing and enduring problem. According to Gallup polling, one in five Americans reported not having enough money to buy food in the past 12 months – the highest level since the month Barack Obama was elected. Around the country, food banks are feeling the pinch of market forces: as poverty climbs, demand is rising and supply is falling as people who would have donated have less left to spare.

An analysis by the New York Times revealed a 17% increase in the number of school students receiving free and reduced lunches across the country between 2006/07 and now. In Rockdale County, east of Atlanta, 63% of students now have subsidised food – up from 46% four years ago.

Read moreLand Of The Free, Home Of The Hungry

Urgent: Food Stamps To Be Ended Unless Microchipped!

For your information.

“They have taken the bridge and the second hall. We have barred the gates but cannot hold them for long. The ground shakes, drums… drums in the deep. We cannot get out. A shadow lurks in the dark. We can not get out… they are coming.”
– Gandalf (reading)


Urgent Food Stamps To Be Ended Unless Microchipped (YouTube)

US Food Stamp Use Reaches Record 45.8 Million

Don’t miss:

Obama’s Secretary Of Agriculture Tom Vilsack: ‘Food Stamps Are A Stimulus And Creating Jobs’

U.S. Food-Stamp Use Reaches Record 45.8 Million, USDA Says (Bloomberg, Nov. 2, 2011)

The number of Americans receiving food stamps reached a record 45.8 million in August, the government said.

The figure was 1.1 percent higher than the previous month and 8.1 percent more than a year earlier, the U.S. Department of Agriculture said today in a report on its website. Assistance rolls are increasing as joblessness remains at 9.1 percent of the workforce.

Texas had the most food-stamp recipients in August, at 4.12 million, followed by California with 3.82 million, according to the USDA. Spending was a record $6.13 billion.

The number of Americans receiving food stamps under the Supplemental Nutrition Assistance Program has set records every month but one since December 2008.

USA Becomes Food Stamp Nation (Reuters): Almost 46 Million People Are On Food Stamps, Roughly 15 Percent Of The Population

USA becomes Food Stamp Nation but is it sustainable? (Reuters, Aug 22, 2011):

Genna Saucedo supervises cashiers at a Wal-Mart in Pico Rivera, California, but her wages aren’t enough to feed herself and her 12-year-old son.

Saucedo, who earns $9.70 an hour for about 26 hours a week and lives with her mother, is one of the many Americans who survive because of government handouts in what has rapidly become a food stamp nation.

Altogether, there are now almost 46 million people in the United States on food stamps, roughly 15 percent of the population. That’s an increase of 74 percent since 2007, just before the financial crisis and a deep recession led to mass job losses.

Read moreUSA Becomes Food Stamp Nation (Reuters): Almost 46 Million People Are On Food Stamps, Roughly 15 Percent Of The Population

Obama’s Secretary Of Agriculture Tom Vilsack: ‘Food Stamps Are A Stimulus And Creating Jobs’


The video has been removed:

YouTube Added: 16.08.2011

Obama’s Secretary of Agriculture Tom Vilsack: Food Stamps Are A “Stimulus” (Real Clear Politics, August 16, 2011):

Obama’s Secretary of Agriculture Tom Vilsack: “Well, obviously, it’s putting people to work. Which is why we’re going to have some interesting things in the course of the forum this morning. Later this morning, we’re going have a press conference with Secretary Mavis and Secretary Chu to announce something that’s never happened in this country — something that we think is exciting in terms of job growth. I should point out, when you talk about the SNAP program or the foot stamp program, you have to recognize that it’s also an economic stimulus. Every dollar of SNAP benefits generates $1.84 in the economy in terms of economic activity. If people are able to buy a little more in the grocery store, someone has to stock it, package it, shelve it, process it, ship it. All of those are jobs. It’s the most direct stimulus you can get in the economy during these tough times.”

Record 44.7 Million People Celebrate Timothy Geithner’s Departure And The End Of QE2 Through Foodstamps

Recovery is ‘The Greatest Depression’!

Record 44.7 Million People Celebrate Geithner’s Departure And The End Of QE2 Through Foodstamps (ZeroHedge, July 1, 2011):

The one and only clearest indication of just how effective the recovery and QE2 in general has been, comes courtesy of the USDA, whose just released update of April participation in Supplemental Nutrition Assistance Program (SNAP), better known as “foodstamps”, shows yet another record, this time 44.647 million people, an increase from May’s 44.587 million. And after rising modestly in the last month, the average monthly benefit per household dropped again to a post April 2009 revision low of $282.38/month.

New Mexico To End Food Stamp Supplement For ELDERLY and DISABLED Residents

Related info:

Time To Celebrate The Recovery: Food Stamp Usage Hits Fresh Record (ZeroHedge)

New Mexico to end food stamp supplement (New Mexico Independent, May 31, 2011):

New Mexico will end a food stamp supplement for elderly and disabled residents, according to the Associated Press. The cuts come just as Congress is considering cuts to the food stamp program even as a record-high amount of people are receiving the benefits.

The AP reports that the Human Services Department will stop the supplement on July 1 because there is no money in the state budget for the program. The program cost half a million dollars last fiscal year.

Read moreNew Mexico To End Food Stamp Supplement For ELDERLY and DISABLED Residents

US Food Stamp Recipients Hit New Record – 400 Americans Account For 10% Of ALL Capital Gains

See also:

Warren Buffett’s $600 Million INTEREST-FREE Loan From US Taxpayers Or How The Wealthiest Americans Enrich Themselves At Taxpayers Expense (Yahoo Finance)

May 03 — Today SNAP released the most recent food stamp numbers. Not surprisingly, we just saw another all time high 44.2 million poverty-level Americans relying on government funding for day to day sustenance. Granted the number appears to be plateauing, so all those who bought the change if not the ho[y]pe, can rejoice as it may start declining next month: a development that is sure to be herald for Obama a 4th Putin-esque term. That said, another number that has to be kept in perspective and for which we have to thank none other than Pauly-K is that offsetting these 44.2 million of impoverished Americans who can get a tax refund for writing off the American dream, are 400 Americans who accounted for 10%, or $91 billion of total, in capital gains taxes, or said otherwise, 400 US taxpayers account for 10% of all capital gains in 2007! We are currently going through old issues of Pravda to see if the Communist empire ever achieved this kind of social disparity between the nomenklatura and the proletariat (it didn’t). If we find confirmation we will post it, and lose a sizable bet which will certainly deny us any possibility of every being among the above mentioned 400.

First, the latest SNAP:

And second, at a factor of 110,500 to 1, here are the 400 people who not only account for 10% of all US capital gains taxes (Taleb was right), but end up paying a whopping (sarcasm inluded) 17% in taxes on it.

Read moreUS Food Stamp Recipients Hit New Record – 400 Americans Account For 10% Of ALL Capital Gains

Buried Provision In House GOP Bill Would Cut Off Food Stamps To Entire Families If One Member Strikes

Update: Believe it or not, there are already a whole host of sanctions against strikers in the current Food Stamp program — the section quoted is actually part of a 1981 Reagan era law. Rep. Joe Baca (D-CA) has introduced a bill to do away with these restrictions. A 1988 Supreme Court case reversed lower court decisions that ruled these sanctions unconstitutional.

All around the country, right-wing legislators are asking middle class Americans to pay for budget deficits caused mainly by a recession caused by Wall Street; they are attacking workers’ collective bargaining rights, which has provoked a huge Main Street Movement to fight back.

Now, a group of House Republicans is launching a new stealth attack against union workers. GOP Reps. Jim Jordan (OH), Tim Scott (SC), Scott Garrett (NJ), Dan Burton (IN), and Louie Gohmert (TX) have introduced H.R. 1135, which states that it is designed to “provide information on total spending on means-tested welfare programs, to provide additional work requirements, and to provide an overall spending limit on means-tested welfare programs.”

Much of the bill is based upon verifying that those who receive food stamps benefits are meeting the federal requirements for doing so. However, one section buried deep within the bill adds a startling new requirement. The bill, if passed, would actually cut off all food stamp benefits to any family where one adult member is engaging in a strike against an employer:

The bill also includes a provision that would exempt households from losing eligibility, “if the household was eligible immediately prior to such strike, however, such family unit shall not receive an increased allotment as the result of a decrease in the income of the striking member or members of the household.”

Read moreBuried Provision In House GOP Bill Would Cut Off Food Stamps To Entire Families If One Member Strikes

US: On Charles Ponzi Day We Celebrate Another All Time Record In Food Stamp Usage

Bernanke’s plan to recreate Libya in our own back yard is continuing to work magnificently. It is no surprise that on Charles Ponzi day, the update to food stamp usage indicates that in December those receiving an average of $134 per month has just hit 44.1 million people.

These lucky people will soon be able to buy an inflation adjusted 2.3 crumbs of notional bread with this generous handout from the Chairsatan.

In other words, America is now the land of the free, home of the brave, of whom 14.3% can’t afford to eat, even with all the new jobs created by both the old QE1, Lite and 2, and soon to be 3.

Don’t forget that according to the Bernank, QE2 has already created 250,000 new jobs… all at the a modest cost of $1.3 million per job.

Submitted by Tyler Durden on 03/03/2011 12:00 -0500

Source: ZeroHedge

Ben Bernanke’s Poverty Effect: Food Stamp Recipients Jump by 400K In November, Hit New Record Of 43.6 Million

Related articles:

How JP Morgan Gets Rich On Food Stamps And Profits From Poverty

Financial Crisis Inquiry Commission Slams Greenspan, Bernanke, Geithner, Paulson, Summers, SEC, Rating Agencies and Big Banks for Causing Crisis

Bankster bailouts …

Bank Bailouts Explained (Must-see!)

plus quantitative easing …

Quantitative Easing Explained (Must-see!)

plus unprecedented deficit spending (Obamanomics) …

Government Economists: America Faces The Biggest Budget Deficit In History

… equals …

“When a country embarks on deficit financing and inflationism (quantitative easing) you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

The US government and Fed are bankrupting America, destroying the dollar, the middle class and completely wiping out the poor (exactly as planned by their elite masters.)

Much has been said about Bernanke’s wealth effect and how it impacts a whopping 1% of the US population (traditionally, those very same bail out recipients who would be insolvent had Gen Ben not rescued the entire financial system at the expense of the DXY, which at last check was below 77 again).

Unfortunately, a little less time has been spent discussing the equal and opposite effect: that of the poverty effect. Luckily, every month we get an update on this just as useful metric.

And as of November, the SNAP program had 43.6 million participants, an increase of 400k from October, and a 14% increase, or 5.3 million from a year prior.

We are confident that this 15% of the US population will be delighted to know that their rapidly diminishing dollars will end up acquiring increasingly less and less stuff.

The chart below says it all.

(Click on image to enlarge.)

Submitted by Tyler Durden on 02/01/2011 14:21 -0500

Source: ZeroHedge

How JP Morgan Gets Rich On Food Stamps And Profits From Poverty

Added: 9. January 2010

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JP Morgan Banksters Get $10 BILLION Pay And Bonus Pot

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US: Food Stamps Used by Record 43.2 Million in October, Up 15 Percent From A Year Ago

JP Morgan Chase Ransacked Home of Man on His Death Bed

JPMorgan Silver Manipulation Explained (Must-See!)

US: Food Stamps Used by Record 43.2 Million in October, Up 15 Percent From A Year Ago

It’s the Greatest Depression.

Get ready for the greatest financial-economic collapse in history.

There is still some time left.

The recovery is gaining speed now …

Jan. 07 (Bloomberg) — The number of Americans receiving food stamps rose to a record 43.2 million in October as the jobless rate stayed near a 27-year high, the government said.

Recipients of Supplemental Nutrition Assistance Program subsidies for food purchases jumped 15 percent from a year earlier and increased 0.7 percent from September, the U.S. Department of Agriculture said today in a statement on its website. Participation has set records for 23 straight months.

An average of 43.3 million people, more than an eighth of the population, will get food stamps each month in the year that began Oct. 1, according to White House estimates.

Read moreUS: Food Stamps Used by Record 43.2 Million in October, Up 15 Percent From A Year Ago

US Food Stamp Rolls Continue to Rise

More people tapped food stamps to pay for groceries in September as the recession and lackluster recovery have prompted more Americans to turn to government safety net programs to make ends meet.

Some 42.9 million people collected food stamps last month, up 1.2% from the prior month and 16.2% higher than the same time a year ago, according to the U.S. Department of Agriculture.

Nationwide 14% of the population relied on food stamps as of September but in some states the percentage was much higher. In Washington, D.C., Mississippi and Tennessee – the states with the largest share of citizens receiving benefits – more than a fifth of the population in each was collecting food stamps.

Food Stamp Use, by State

State Number of people on food stamps Sept. 2010 Year-over-year change Month-over-month change Percent of population on food stamps
U.S. total 42,911,042 16.2% 1.2% 14%
Alabama 849,785 12.8% 1.2% 18%
Alaska 81,196 15.4% -0.1% 11.6%
Arizona 1,044,410 10.9% -0.3% 15.8%
Arkansas 483,309 8.4% 0.7% 16.7%
California 3,466,974 17.7% 1.2% 9.4%
Colorado 424,878 16.8% 0.1% 8.5%
Connecticut 364,341 22.8% 1.4% 10.4%
Delaware 124,755 21.9% 2.6% 14.1%
District of Columbia 128,759 16.4% 1.7% 21.5%
Florida 2,881,019 25.8% 2.5% 15.5%
Georgia 1,693,976 16.4% 0.7% 17.2%
Hawaii 147,250 15.7% 1.2% 11.4%
Idaho 214,378 39.1% 1.2% 13.9%
Illinois 1,839,051 18.6% 8.5% 14.2%
Indiana 857,992 13.3% 0.6% 13.4%
Iowa 352,164 10.9% 0% 11.7%
Kansas 291,126 18% 0.6% 10.3%
Kentucky 804,538 8.7% -0.1% 18.6%
Louisiana 864,112 10.3% 0.9% 19.2%
Maine 237,530 9.6% 0.1% 18%
Maryland 616,102 20.4% 1.5% 10.8%
Massachusetts 785,435 12.2% 1% 11.9%
Michigan 1,884,751 15.2% 0.4% 18.9%
Minnesota 455,852 17.2% 0.7% 8.7%
Mississippi 601,432 8.7% 1.1% 20.4%
Missouri 928,183 7.9% 0.1% 15.5%
Montana 119,039 15.8% 0.1% 12.2%
Nebraska 169,385 14.5%td> 0% 9.4%
Nevada 314,253 28.7% 1.5% 11.9%
New Hampshire 110,576 20.4% 0.6% 8.3%
New Jersey 690,075 27.2% 1.9% 7.9%
New Mexico 390,154 20.1% 0.6% 19.4%
New York 2,895,995 13.3% 0.8% 14.8%
North Carolina 1,476,207 18.2% 2.3% 15.7%
North Dakota 61,229 7.1% 0.3% 9.5%
Ohio 1,683,877 11.9% 0.8% 14.6%
Oklahoma 613,531 14% 0.9% 16.6%
Oregon 738,702 13.2% 0.7% 19.3%
Pennsylvania 1,644,259 13.2% 0.3% 13%
Rhode Island 150,450 26% 1.3% 14.3%
South Carolina 832,651 11.3% 0.3% 18.3%
South Dakota 99,504 14.9% 0% 12.2%
Tennessee 1,267,478 8% 0.5% 20.1%
Texas 3,837,839 24.6% 0.9% 15.5%
Utah 269,819 25.9% 3.8% 9.7%
Vermont 87,838 7.7% 1% 14.1%
Virginia 826,277 13.8% 0.7% 10.5%
Washington 1,006,518 16.4% 0.8% 15.1%
West Virginia 343,764 5.1% -0.6% 18.9%
Wisconsin 762,287 21.3% 0.6% 13.5%
Wyoming 35,615 17.2% 0.2% 6.5%

Sources: USDA, WSJ Research

By Sara Murray
December 8, 2010, 6:00 AM ET

Source: The Wall Street Journal

14 Pieces Of Bad Economic News That Are So Horrifying You Might Not Want To Read Them Standing Up

The more research that you do into our economic situation the more depressing it becomes.  We are in big, big, big trouble.  The following are 14 pieces of bad economic news that are so horrifying you might not want to read them standing up….

#1 More than 42 million Americans were on food stamps during the month of August.  That is a new all-time record, and that number is 17 percent higher than it was one year earlier.  In fact, the number of Americans on food stamps is up more than 58 percent since August 2007.

#2 The number of “persons not in the labor force” in the United States has set another new all-time record.  The United States has not had such an extended bout of mass unemployment since the Great Depression.  The “official” unemployment rate in the United States has been at nine and a half percent or above for 14 consecutive months.

#3 More than 1000 people now live in the 200 miles of flood tunnels that exist under the city of Las Vegas.  Once one of the most prosperous cities in the United States, Las Vegas is now little more than a shiny, glittering corpse that it rapidly decaying.

#4 Poverty is absolutely exploding and it is hitting those who are the most vulnerable the hardest.  According to one recent study, approximately 21 percent of all children in the United States are living below the poverty line in 2010.

#5 In the past 60 days alone, the price of cotton is up 54%, the price of corn is up 29%, the price of soybeans is up 22%, the price of orange juice is up 17%, and the price of sugar is up 51%.

#6 One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government.

#7 The American Bankruptcy Institute says that there will be about 1.6 million consumer bankruptcies in 2010.  That would represent a huge increase over 2009.

#8 According to one recent survey, 28% of all U.S. households have at least one member that is looking for a full-time job.

#9 The individual U.S. states are mostly flat broke.  For example, it is being reported that the 15 largest U.S. states spent on average over 220% of their tax receipts over the past decade.  Clearly this is not even close to sustainable.

#10 The U.S. government is completely and totally broke.  After analyzing Congressional Budget Office data, Boston University economics professor Laurence J. Kotlikoff concluded that the U.S. government is facing a “fiscal gap” of $202 trillion dollars.

#11 In an attempt to keep our financial system solvent, the U.S. Federal Reserve has announced plans to create $600 billion out of thin air and pump it into the U.S. economy.  The Fed is calling this “quantitative easing“, but what they should really be calling it is “cheating, debasing and inflating”.

#12 Many of the major trading partners of the United States are expressing deep resentment regarding the new quantitative easing policy announced by the Fed.  Ambrose Evans-Pritchard recently described the growing animosity this way….

Li Deshui from Beijing’s Economic Commission said a string of Asian states share China’s “deep bitterness” over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity.

#13 For many analysts, the economic collapse of the United States comes down to cold, hard math.  For example, the former CEO of the tenth largest bank in the United States says that it is a “mathematical certainty” that the U.S. government will eventually go bankrupt.

#14 According to a recent article on CNBC, the financial world is already buzzing about QE3….

“They’re already talking about QE3,” said Dave Rovelli, managing director of US equity trading for Canaccord Adams. “Eventually we’re going to be printing so much money the dollar is going to really go down and everybody’s going to try to deflate their currency against us. I just don’t know how this could end well.”

So is that all the Federal Reserve has left?

Are they just going to keep pouring bags of money into the economy until things get back to “normal”?

Are we going to have “Quantitative Easing 3”, “Quantitative Easing 4”, and “Quantitative Easing 5”?

Read more14 Pieces Of Bad Economic News That Are So Horrifying You Might Not Want To Read Them Standing Up

US: Record 1 in 6 Americans in Government Anti-Poverty Programs

The Greatest Depression!

WASHINGTON (USA TODAY) — Government anti-poverty programs that have grown to meet the needs of recession victims now serve a record one in six Americans and are continuing to expand.

More than 50 million Americans are on Medicaid, the federal-state program aimed principally at the poor, a survey of state data by USA TODAY shows. That’s up at least 17% since the recession began in December 2007.

“Virtually every Medicaid director in the country would say that their current enrollment is the highest on record,” says Vernon Smith of Health Management Associates, which surveys states for Kaiser Family Foundation.

The program has grown even before the new health care law adds about 16 million people, beginning in 2014. That has strained doctors. “Private physicians are already indicating that they’re at their limit,” says Dan Hawkins of the National Association of Community Health Centers.

More than 40 million people get food stamps, an increase of nearly 50% during the economic downturn, according to government data through May. The program has grown steadily for three years.

Read moreUS: Record 1 in 6 Americans in Government Anti-Poverty Programs

US: Food stamp Use Hit Record 40.8 Million in May


WASHINGTON — The number of Americans who are receiving food stamps rose to a record 40.8 million in May as the jobless rate hovered near a 27-year high, the government reported yesterday.

Recipients of Supplemental Nutrition Assistance Program subsidies for food purchases jumped 19 percent from a year earlier and increased 0.9 percent from April, the US Department of Agriculture said in a statement on its website.

Participation has set records for 18 straight months.

Unemployment in July may have reached 9.6 percent, according to a Bloomberg News survey of analysts in advance of the Aug. 6 release of last month’s rate. Unemployment was 9.5 percent in June, near levels last seen in 1983.

An average of 40.5 million people, more than an eighth of the population, will get food stamps each month in the year that began Oct. 1, according to White House estimates.

The figure is projected to rise to 43.3 million in 2011.

Bloomberg News / August 5, 2010

Source: The Boston Globe