Despite the unemployment rate being at an eight-year low (4.9 percent as of January 2016), the number of people on food stamps remains near an all-time high which was 47,636,000 in 2013.
Why the disparity in the numbers? Well, the unemployment rate does not take into account people who are not in, or have dropped out of, the workforce altogether.
The Bureau of Labor Statistics reported in January of this year that approximately 94 million Americans are not participating in the workforce.
But the Supplemental Nutrition Assistance Program (SNAP) has been hovering around 46 million participants since 2011. The current figure, as of February 2016, stands at 45.8 million Americans receiving food stamps.
Bloomberg Business reported that the last time the unemployment rate was at five percent in April 2008, only 28 million Americans were on food stamps.
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The fastest growing group applying and receiving food stamps are those with master's degrees, and PhD's. This speaks to the lack of jobs. It's sad.
ReplyDeleteWe do not really have a low unemployment rate. Come on people!!
ReplyDeleteThe unemployment rate is a fictitious lie. It's called creative accounting.
ReplyDeleteThe low unemployment rate is due to only counting those receiving benefits, not those that ran out and were dropped.
ReplyDeleteyou are comparing apple to oranges. Unemployment if you count people
ReplyDeletenot looking for work ( these people are getting food stamps) the unemployment rate would be15%.. It is numbers game Do not believe everything you read or hear!