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April 04, 2008

Food Stamps in the Headlines

Drudge ran two different headlines about food stamps in the last few weeks.  One on March 24 read "OHIO: Nearly one in 10 now receives food stamps; highest number in state's history..." and another on March 31, "NUMBERS OF AMERICANS ON FOOD STAMPS HITS RECORD...".

On April 1, British paper The Independent declared "USA 2008:  The Great Depression".  The opening line stated, "Food stamps are the symbol of poverty in the US. In the era of the credit crunch, a record 28 million Americans are now relying on them to survive".

So that's it then?  Food stamps on the rise, we're all going to be living in cardboard boxes and the sky is falling.  Maybe.

Richard Rector of the New York Sun examines the numbers behind the increase in food stamp use and puts the situation into context.  The impression most media want to impose is that if a record number of Americans are using food stamps then by default that same number must be in poverty.  However, as Mr. Rector points out, this is not true.

The recent Food Stamp stories also feed off the idea that most of the 36 million Americans who the government defines as "poor" face ongoing, serious material deprivation.

The facts show otherwise. According to the government's own data, nearly two-thirds of "poor" households have satellite or cable television. Nine out of 10 have microwave ovens and 80% have air conditioning. Nearly three-quarters own a car and almost a third own two or more cars. For decades government data have shown that more than 40% of the poor own their own homes, typically a three bedroom house with one-and-a-half baths.

On average, poor children have the same high levels of protein, vitamin, and mineral consumption as upper middle class kids. Only 1.5% of the poor report they "often" did not have enough food to eat during the last four months, although another 6% state this "sometimes" happened.

He lists three reasons for the food stamp activity which are all logical; the increase in in American population, the food stamp operation being cyclical allowing spikes in economic slowdown, and aggressive campaigns with relaxed standards.

Does it come as a surprise that people (and many who may not need the help) would take advantage of government handouts, especially when it is made easier for them to get it?

January 24, 2008

You Think You Got it Bad?

Check this out...

The French bank Société Générale stunned financial markets today by revealing that it had been the victim of one of the largest frauds by a rogue trader — losing four times as much as Nick Leeson, the man who sank Barings.

The second-biggest French bank said that it had lost €4.9 billion (£3.7 billion) as a result of the rogue trades by a Paris-based trader who concealed his positions through "a scheme of elaborate fictitious transactions".

SocGen was forced today into an emergency €5.5 billion capital-raising to shore up its ravaged balance sheet.

Suddenly I don't feel so bad about my current portfolio.

September 27, 2007

Thought of the Day

You know a product is peaking when you see homeless people are wearing Crocs.

 

January 24, 2007

Senate Blocks Minimum Wage Hike?

I'm hearing that the Senate has blocked the minimum wage increase. More when I get it.

**Update** Confirmed:

On a 54-43 vote, liberals lost an effort to advance a House-passed bill that would lift the pay floor from $5.15 to $7.25 an hour without any accompanying tax cut. Opponents of the tax cut needed 60 votes to prevail.

 

November 26, 2006

The Age of Entitlement

Fellow blogger, prying1, has a great post on the possible increase in minimum wage and the effects thereof. I have always been fascinated by people who believe raising minimum wage can solve economic problems. Somehow the money just appears.

Raise minimum wages and it gives the unions the right to demand more. I understand that many unions have their wage structures tied in with the minimum wage. Hmmm. And the Dems love the unions...

Every time there is a raise in the minimum wages many people getting paid more than minimum wage find they're closer to the bottom and do not get increases themselves...

Democrats will continue to foster the age of entitlement as Folk Marxism marches on.

October 18, 2006

Voting Your Wallet

The economy is doing well; wages are up, unemployment down, gas and oil prices are down to the point that OPEC has decided to cut production. The DOW broke 12,000 in intra-day trading today and consumer confidence is high.

Newsbusters points out that you're unlikely to hear about this in the MSM leading up to the elections.

There is one factor Republicans have going for them in spite of the media's efforts; people vote their wallets.

October 09, 2006

YouTube's $1.65 Billion Price Tag

Google to buy YouTube for $1.6 billion.

Google, the Internet's leading search engine, announced Monday that it is buying popular online video site YouTube for $1.65 billion in stock.

YouTube, which was founded in February 2005, has quickly become the most well-known of several online video sites. More than 100 million videos, many of which are short videos created by the site's users, are downloaded a day on the site.

Source: http://biz.yahoo.com/cnnm/061009/100906_googleyoutube_deal.html?.v=1