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Food Stamp Nation With Massive Inflation
The number of people in the United States needing food stamps to survive is trending toward 45 million. Those living on fixed incomes or government assistance are being ravaged by exploding inflation. Year over year pork is up 68%, coffee 45%, sugar 24%, salmon 30%, oranges 35%, barley 32%, beef 23%, and the list goes on. U6 (unemployment) just soared to 17.1%, and as what Art Cashin calls "the tale of two economies" persists, it is leaving behind a trail of tears.
October 9, 2010
A global food crisis is brewing and with it massive inflation is arriving at a time when we have the most people on government assistance since the Great Depression.
When people recall the suffering 80 years ago in the last depression in the United States, we conjure up images of bread lines.
In the modern world, people push carts at Wal-marts across the country looking to purchase staples like baby formula and milk. This shopping often occurs near midnight at the end of each month, and for the first few hours after midnight Wal-mart's sales soar because the government assistance cards have been activated.
By "the tale of two economies," Cashin referred to the suffering that was happening on Main Street even as the stock market rallied. I don't care that the Dow has crossed 11,000 when so many families are living in motel rooms, cars, and tent cities. Now these families will be struggling to feed themselves and their children because of the irresponsibility of the central planners and bankers.
The question now becomes: In a civilized society, when will these central planners and bankers be held accountable for the destruction they have brought on the United States? It is time to end the culture of corruption if only because, as inflation explodes, the people simply cannot afford it anymore.
Eric King
