And we thought last month’s delayed
foodstamp data
was bad. The just reported foodstamp number for September was
a doozy, with 607,544 new Americans becoming eligible for foodstamps, as a
record 47.7 million Americans are now living in poverty at least according to the USDA.
The monthly increase was the highest since May 2011, and with August’s 421K new
impoverished America, over 1 million Americans made the EBT
card their new best friend. It is unclear just which atmospheric phenomenon will
get the blame for this unprecedented surge in poverty, which comes at a time
when the pre-election economic data euphoria was adamant that the US economy was
on an escape velocity to utopia. Instead what we do know is that in August and
September, over three times as many foodstamp recipients were add to the economy
as jobs (324,000). We also know that with the imminent impact of Sandy, which
will send foodstamp recipients soaring, it is now looking quite possible that
the US may end 2012 with just over a mindboggling 50 million Americans living in
absolute poverty and collecting the $134.29 average monthly benefit per person,
instead of working. Welcome to the recovery indeed.

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