That is pretty much all I can say this month as we get a view of the monthly SNAP (Food stamps data for May 2011). Wasn't it just one month ago when I was gushing all over this recovery saying that this could potentially be the inflection point that we all had been looking for? Didn't the trustworthy data from the Ministry of Truth show a decline of SNAP costs in April? Wasn't the slowing pace of growth in January, February, and April the affirmation that our hopes had finally found a home? Well, clearly, the answer is NO!
RECORDS YOU DON'T WANT TO BREAK
SNAP data for May shows that plan enrollment increased by a whopping 1,105,217 people which is an increase of 2.4% over the preceding month. This is the second highest participant growth reading in my six years worth of data AND is the highest monthly percentage increase ever in that time frame! The greatest increase was in September of 2008.
- This month's data shows a 3.5% year-to-date increase in participants.
- Costs for the SNAP plan increased by $172 million this month to $6.1 Billion.
- 45.8 million people are in the plan which is now 14.9% of the nation. That is 1 out of every 7 people on the government dole.
Apparently the government is inviting everyone to this awesome party. We've got 1.1 million new guests all decked out and ready to celebrate the greatness and largess of the good old USA. One out of every 7 people in the US! I guess the only question we have to ask ourselves now is who is this party for? Who could possibly mobilize so many people and create such excitement? The party is obviously for our wonderful President! He does turn 50 after all and no one wants to miss a beautiful occasion and an opportunity to fawn over our beloved leader. The guests just can't get enough of the party favors and goodies, it almost seems like they could do this party every month, and why not? It doesn't cost them anything? (Last rant here I promise. Are you kidding me, people really celebrate his birthday!? Are we done with the worship of him yet?)
Goatmug is an investor that cares about you and your family. Goatmug's Blog - Financial Perspectives From The Mountain Top is a collection of thoughts on our economy and how it impacts the lives of investors and average people. While several specific investments are named in many of his posts, these articles are simply invitations for you to do your own research and reference to these securities does not constitute financial advice. Your situation is complex and unique and you should seek professional assistance with your trading and investing. Please visit Goatmug and share your comments at http://www.goatmug.blogspot.com/