It's all going according to plan -- Cloward-Piven -- the intentional destruction of the American economy. Thanks a lot, Barack, you must be mighty pleased with yourself.
Read from Weasel Zippers:
ObamaNomics: Number Of Americans On Food Stamps Rockets To All-Time High Of 45.8 Million, 15% Of U.S. Population…
"Or as Obama likes to call it, mission accomplished.
NEW YORK (CNNMoney) — 'Nearly 15% of the U.S. population relied on food stamps in May, according to the United States Department of Agriculture.
The number of Americans using the government’s Supplemental Nutrition Assistance Program (SNAP) — more commonly referred to as food stamps — shot to an all-time high of 45.8 million in May, the USDA reported. That’s up 12% from a year ago, and 34% higher than two years ago.
The program provides monthly benefits to low-income individuals and families, which they can use at stores that accept SNAP benefits.
To qualify for food stamps, an individual’s income can’t exceed $1,174 a month or $14,088 a year — an amount that is 130% of the national poverty level.
The average food stamp benefit was $133.80 per person and $283.65 per household in May.'"
If that weren't enough, the US credit rating has been lowered, after Turbo Timmy assured us it would not happen.
Read from Atlas Shrugs:
Obama's War on America: S&P Downgrades US Credit Rating
"He is destroying this country, our power, our economic engine, our sovereignty.
Standard & Poor's Downgrades U.S. Credit Rating to AA+
'The ratings agency Standard & Poor's has reduced the United States' credit rating from AAA to AA+ with a negative outlook, the company announced late Friday, saying a bipartisan deal to reduce the nation's debt did not go far enough and citing crippling political gridlock.
The first downgrade of U.S. credit in history could cost the government and ordinary consumers billions of dollars by jacking up interest rates the U.S. must pay on its $14.4 trillion debt and a host of rates consumers must pay for items such as mortgages, car loans and credit cards.
The move by S&P follows decisions by Moody's and Fitch, two other major ratings agencies, to maintain the United States' AAA rating, though Moody's assigned a negative outlook.
"The downgrade," S&P said in a statement announcing its move, "reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."
In particular, Standard & Poor's added, it grew more pessimistic about U.S. debt because of the dispute over raising the debt ceiling.
"The political brinksmanship of recent months," the company said, "highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed."
The agency pointed to political reluctance to make cuts to entitlement programs such as Medicare and Social Security, and Republicans' refusal even to consider increasing revenues by, for instance, ending the Bush tax cuts.
"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place," the company said. "We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the [debt ceiling deal]."'
Below is a Wall Street Journal panel, back on July 29th, discussing what would happen if our rating was downgraded -- well it happened.
Turbo Timmy's prediction:
'Peter Barnes “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”
Geithner’s response: “No risk of that.”
"No risk?" Barnes asked.
"No risk," Geithner said.'"
Our economy is so bad that even Iran under sanctions has an economy growing faster than ours. How pathetic is that?
You may be suffering in this Obamanation, but Obama's staffers certainly aren't.