Apr 29, 2013 | by Franck Cushner, CFP®
Of the various cuts that were implemented for federal programs effective March 1st, the food stamp program in the United States continues to grow, with a 70% increase in food stamp recipients since 2008, to a record 47.8 million recipients.
The Supplemental Nutrition Assistance Program (SNAP), formerly known as the food stamp program, has expanded rapidly during the recession of the past few years.
Individual states as well as the federal government both expanded access to SNAP before and during the recession in an attempt to extend additional aid to those who qualified and truly needed it.
As a sluggish job market and minimal economic growth has hindered many Americans nationwide, incomes have not increased as had hoped. Rather, with decreasing income levels, additional people have begun to qualify, which didn’t at higher income levels. This is so because eligibility into the program is based on income, not employment, thus with decreasing incomes, more have begun to qualify for assistance.
Sources: USDA, Dept of Labor
460 Park Ave, 21st Floor, New York, NY 10022
Ph. (212) 489-1800
Ensemble Financial © 2018
All Securities and Advisory Services provided under the name Ensemble Financial, Inc. are offered through Titleist Asset Management, Ltd. ("TAM"), a Registered Broker/Dealer & Registered Investment Advisor and member FINRA & SIPC. Customers working with Ensemble Financial, Inc. will be dealing solely through TAM with respect to their investment, brokerage and securities transactions. TAM does not offer or provide legal or tax advice. Please consult your attorney and/or tax advisor for such services. Member FINRA and SIPC.