No matter what your political affiliation, the significant growth in food stamp rolls versus little new job creation since January 2009 is an unsettling data point in the weak U.S. economic recovery.
|From The Blog of HORAN Capital Advisors|
As noted in a recent Weekly Standard article:
- "In January 2009, there were 133.56 million Americans with jobs and 31.98 million on food stamps. Today, there are 133.76 million Americans with jobs and 46.68 million on food stamps. The employment rolls have thus grown by 0.15 percent and the food stamp rolls have grown by 46 percent, meaning that for every one American who found a job, 75 Americans signed up for food stamps.
- Total spending on food stamps is now more than $80 billion annually, a fourfold increase from 2001. Total spending on federal means-tested welfare—food stamps, public housing, social services, cash aid, etc.—is now approximately $1 trillion. That amount is enough, if converted to cash, to send every household beneath the federal poverty line an annual check for $60,000."
As noted in an article I published earlier this week, U.S. Federal Budget At Critical Juncture, the growth in entitlements is on an unsustainable path. Stronger economic growth and more fiscal discipline in Washington is necessary to reverse the U.S. deficit growth.