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Home Our Perspective US food stamps set ever-higher record-32.8 million
US food stamps set ever-higher record-32.8 million PDF Print E-mail
Written by Steve Meyers   
Saturday, 06 February 2010 14:27

WASHINGTON, Feb 5 (Reuters) - A record 38.2 million Americans were enrolled in the food stamp program at latest count, up 246,000 from the previous month and the latest in record-high monthly tallies that began in December 2008.
Food stamps are the primary federal anti-hunger program, helping poor people buy groceries. The Agriculture Department updated enrollment data on Friday with a preliminary figure for November.
USDA estimates up to $58 billion will be spent on food stamps this fiscal year, which ends Sept 30, with average enrollment of 40.5 million people. Food stamps were renamed the Supplemental Nutritional Assistance Program in 2008.
Participation has surged since the financial-market turmoil of late 2008 and has set records each month since December 2008, when it reached 31.78 million. Enrollment is highest during times of economic distress. (Reporting by Charles Abbott; Editing by David Gregorio)
 
Green shoots or the new normal? Believe me when  I say these numbers will only grow as we head into the double dip depression. The economy isn't improving. It is all about an inventory rebuild and we will have several of these and then a vacuum of economic activity. Refer back to the great depression.
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Ron Rebner |98.27.191.xxx |2010-02-06 16:00:40
Steve. You said on Thursday we are close to a good time to short the long bond. Since mid January, the long bond and the $ have increased while equities have declined. We expect equities to continue to decline so why wouldn't Treasuries continue to increase if for no other reason than fear and a place to put cash? Thanks.
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SteveM |Manager |2010-02-06 16:24:10
There is no doubt that the treasuries benefit from the reverse flow of money. However the markets are starting to punish bad debt. If you think the PIIGS are bad wait until the vigilantes set their sights on Britain and the U.S. This is nothing more than a preview of what's in store for the U.S. Default risk is rising and people will pull out of long term treasuries. If they need a safe haven, they will turn to short term. This is why T-Bills go negative. I believe now is a good time to trade the treasuries and eventually we hit thee top. We should pull back for 2 weeks. I believe stocks can bounce into option expiration which is 2 weeks.
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John |99.148.147.xxx |2010-02-06 17:27:01
Steve,

What is the significance of 1,066 on the S&P? It seems that 1,066 has been a magnet from both directions several times in the last year or so. Is this a big retracement level?
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SteveM |Manager |2010-02-07 16:20:13
John,

Great observation as we have spent a great deal of time using that as support and now a pivot point. It is just structural support at this point but will lose significance going forward. If we rebound now for 2 weeks, I believe the next time below this area will be acceleration to the downside.
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Mark Sorensen |66.241.87.xxx |2010-02-07 14:38:39
I hate to say it but massive numbers of Americans on food stamps are a good indication that Wall St. is doing well. That's how they operate - they steal from the lower and middle classes. In fact, JPM call centers in India are handling the food stamp program. Expect the market to rise.

Hate to say but I think I will probably be scaling out of my shorts on Monday. I didn't like what I saw on Friday at all and I don't want to lose moeny AGAIN. My business is still getting huge orders and there is no doubt that high tech manufacturing is doing well. Of course the earnings of these companies are trivial compared to coming tsumami.
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The statements, opinions and analyses presented in the articles and newsletters on this website are provided as a general information and education service only. Opinions, estimates and probabilities expressed herein constitute the judgment of the author as of the date indicated and are subject to change without notice. Nothing contained in this website is intended to be, nor shall it be construed as, investment advice, nor is it to be relied upon in making any investment or other decision. Prior to making any investment decision, you are advised to consult with your broker, investment advisor or other appropriate tax or financial professional to determine the suitability of any investment. Neither GrainBelt Commodities, LLC. nor Steven R. Meyers shall be responsible or have any liability for investment decisions based upon, or the results obtained from, the information provided.