Food stamp usage by the American people reached a new high last month as more than 44 million people relied upon the government benefit to purchase necessary groceries for their families.
A new chart issued by the Supplemental Nutrition Assistance Program (SNAP) on May 31 showed that just under 14.5% of the American public received food stamp benefits that averaged $133.24 per person.
(See chart in slideshow to the left of this article)
The recent rise to all-time levels may also coincide with today's drop in Consumer Confidence for May. The report by the Conference Board's Consumer Confidence Index showed a fall of more than six points from April, a number that significantly points to problems in the base economy for most Americans.
The Conference Board's Consumer Confidence Index fell to 60.8 from a revised 66 in April, a sign of the toll that high gas prices, a choppy job outlook and a moribund housing market are taking on people's psyches. Economists had expected an increase to 67. It was the lowest reading since November.
"Consumers are considerably more apprehensive about future business and labor market conditions as well as their income prospects," said Lynn Franco, director of The Conference Board Consumer Research Center. She said fears over inflation, which eased in April, picked up again in May. – Associated Press
In 2010, the total number of people on the SNAP food stamp program was a little over 40 million, and in the first five months of this year, that number has grown over 10%. Continued unemployment, and lack of jobs in the economy have led more people to require food stamps to supplement their monthly bills, especially as price inflation continues to grow at a faster pace.
As food stamp usage by the American people reaches an all-time high here on the final day of May, reliance upon the government program should continue to grow and quickly surpass the already 44 million users who need the benefits to buy food staples for their families. This growth in a program that cost the government over $64 Billion in 2010 will add to the fiscal burden already being experienced by Washington who needs to find ways to cut spending.
Comments