US Food Stamp Usage Hits New Record
As the European news flow overflow continues, it is useful to occasionally look at how America's own economy is doing. After all remember that the latest paradigm is that the US will decouple from everyone (as is always foolishly and erroneously assumed whenever the ROW turns lower) and carry the weight of the global economy on its own shoulders. So here is this month's refresh from the Supplemental Nutrition Assistance Program, which informs us that in August, a new all time record number of Americans, or 45.8 million, relied on food stamps for sustenance. So for those who are looking for those up and coming states where the population has decided that slowly but surely work of any kind is an anachronism we suggest you move to Alabama, Delaware, Utah, or Washington: all states that have seen at least a 3% sequential increase in food stamp usage. And, tangentially, confirming that this country's economy is headed straight to hell and won't pass go is the latest news from LPS according to which nearly 40% of loans in foreclosure have not made a payment in two years, and 72% have not made a payment in the past 12 month. Bullish for iPad purchases.
h/t John Lohman