With all of the talk about record highs (Gold) and record lows (Japanese interest rates), it’s important to focus on another record-high number that Americans on Main Street really understand.
Whether the NBER says so or not, the recession persists for many Americans. A record 41.8 million participants received food stamps in July as part of the Supplemental Nutrition Assistance Program, according to government data. Furthermore, the White House estimates that an average of 43.3 million people will get food stamps each month in the twelve months that began October 1st, 2010. The rising costs of food and energy (dare I say it, “inflation”), and the lack of job creation, continues to hurt the consumer – especially those at the low end of the spectrum.
Howard Penney
Managing Director
