Posted on 11/10/2012 9:35:20 AM PST by whitedog57
The University of Michigan Survey of Consumer Sentiment rose to its highest point since the beginning of Q4 2007.
But bear in mind that Q4 2007 is where the housing market fell off a cliff. So, I wouldn’t place too much confidence in this index. After all, US recession probability (blue line) is up.
Still, declining mortgage rates, declining gas prices, 171,000 jobs created and a stabilizing housing market led to rising consumer confidence.
And the government’s food stamp program (SNAP) rose to 47,102,780 persons as of the end of August, an all-time high! And the increase from July to August was the largest increase in a year. That will contribute to some consumers’ confidence.
Wait a minute. If the economy is doing so great, why are food snaps at an all-time high?
The Federal Reserve and Europe’s fiscal suicide is helping keep mortgage rates low. And I believe that The Fed will add another $1 trillion in QE3 (agency mortgage-backed securities purchases).
The Federal Reserve already has $3 trillion on its balance sheet and Senator Harry Reid wants to raise the debt ceiling by $2.4 trillion. Hopefully, the Fed won’t purchase all $2.4 trillion!
But we shall see how the fiscal cliff is worked out in terms of tax increases and spending cuts. President Obama wants to raise taxes on the “wealthy” where “wealthy” is defined as annual income of $200,000 or more. Senator Reid wants to raise the debt ceiling by $2.4 trillion (which means borrow an additional $2.4 trillion and spend). I am guessing that taxes will skyrocket and jobs will evaporate.
Welcome to France!
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The all-time “high” is only a base from which further gains in usage shall climb above. Proceeding at this rate, we should hit 60 million or so well ahead of target.
because anyone can get them, so people do.
Where is my free stuff? Oh, food stamps! Awesome!
When you are presented with the opportunity to have your weekly food needs supplied by a nameless ‘someone else’, it starts you thinking about what all you can do with your other cash.
I live in a north Georgia town where I’ve seen each time I’m at Kroger, Ingals, or Walmart at least one leech each trip scarfing up the free cart of food and spending their cash on smokes, beer or wine - or even a night out somewhere else. I see Mexicans doing the same thing, only they get these WICs coupons that get them even more because of their little anchor baby American citizens.
That’s okay. It won’t go on forever and each and every one of these heifers will be screaming about “who’s gonna take care of all these kids.” Not me. The money is gonna run out and I’ve made sure that they won’t be able to get at it.
If the economy was so good, women who wanted to stay home and raise children wouldn’t have to.
And we wouldn’t have to pay for abortions, contraceptives, welfare, food stamps, govt. housing, etc,etc,etc,etc...
Food stamps are good for the economy - haven’t you heard?
While checking out at Safeway yesterday (Western WA) I was behind two able bodied guys in their early 20’s - their purchases were soda pop and beef jerky, and one of them paid with an EBT card. I mentioned it to the clerk and she said: “Oh yeah, all the kids use them.” I said it was a disgrace and she agreed completely.
Our Republican House that we voted in to office in 2010 stood there looking while the Obama administration implemented socialism. I don’t know where you live, but I have never seen starvation anywhere I have been in the United States. Was this increase because of hunger? Yes, the hunger for money. I don’t know how much money you get on your card each month for food stamps, but let’s say it’s $500. That money, borrowed from someone or taken from a taxpayer, then frees up $500 for other purchases like a car or a tv or a vacation or a donation to the Democrat party. That’s right. If you pay taxes, you are not buying food for a starving baby, you’re buying someone the super cable package for their tv. That has to stop. The same with Social Security Disability and programs like Pigford. It is just socialism carried out under a bunch of high sounding names. The first thing the House needs to do in 2013 is submit THE FOODSTAMP, SOCIAL SECURITY DISABILITY, MEDICAID AND FDA REVIEW ACT OF 2013. All money is stopped. The rules are rewritten and everyone must reapply.
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