World Economy

Over 43 Million Americans Living on Food Stamps

Over 43 Million Americans Living on Food StampsOver 43 Million Americans Living on Food Stamps

Truth be told, the United States is far from seeing any economic growth. Americans are struggling. The middle class is slowly dissipating.

While the stock market is at record highs, the reality is that only four out of every 10 adult Americans have any exposure to the stock market. The majority of Americans are not in the stock market, and thus their wealth has not increased with the rally in stock prices, media analyst Michael Lombardi wrote for Lombardi Letter.

Here are the cold, hard facts of the US economy:

According to an annual survey by New York City’s Department of Homeless Services, street homelessness in New York is up by 39% year-over-year (as of February 6). This was the highest annual increase in homelessness in the city since 2005!

A recent report by the Joint Center for Housing Studies of Harvard University said that, in 2015, there were 18.75 million households (be it renters or owners) who were “severely burdened”. This is when a household pays 50% or more of their income toward housing in the form of rent or mortgage payments.

Overall, there were close to 39 million households that were burdened in the US?be it moderately or severely. In 2001, this figure was just 31.5 million.

Many Americans are living paycheck to paycheck. They don’t have much in savings for a rainy day. According to a poll by Bankrate, 24% of Americans have no emergency savings.

And that’s not all. The use of food stamps in the US economy is staggering. According to the most recent data, 42.6 million Americans are using some form of food stamps. Bringing in some perspective, the number of Americans using food stamps is much greater than the entire population of Canada! The data are very clear: there is no real economic growth.

The US Department of Agriculture, which oversees the Supplemental Nutrition Assistance Program, or SNAP, (formerly known as food stamps), counted almost 43.6 million people in the program in April 2016, the most recent data available. SNAP benefits provide vouchers for groceries for qualifying low-income Americans.

Don’t get too distracted by the stock market; it’s soaring for all the wrong reasons. The economy is in such bad shape, with so many Americans struggling, that the repercussions from the coming stock market crash will be overwhelming.

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