Monday, November 25, 2013

Mass Civil Unrest to Occur as Poverty Increases!

Hungry Americans Less Productive as Budget Cuts Deepen: Economy

Spending on the Supplemental Nutrition Assistance Program, commonly known as food stamps, fell by $5 billion this month as a temporary funding boost was allowed to expire. The reduction is one of many amid a wave of federal austerity that will shave 1.5 percentage points from gross domestic product this year, according to calculations by Jim O'Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York.

The poverty rate in the U.S. was 15 percent last year, compared with a 26-year low of 11.3 percent in 2000. Food stamps reduce poverty rates among every age group by at least 0.8 percentage point, according to Census data issued this month.
The rate for children would be 21 percent excluding food stamps, compared with 18 percent, according to the supplemental report. Those figures take into account the effects of benefits, such as food stamps or Social Security payments, and necessary family expenses, such as federal income taxes.

No comments:

Post a Comment

Blog Archive

Friendly Blogs List