The liberal welfare State, write large – from Zero Hedge:
Much has been said about Bernanke’s wealth effect and how it impacts a whopping 1% of the US population… Unfortunately, a little less time has been spent discussing the equal and opposite effect: that of the poverty effect. Luckily, every month we get an update on this just as useful metric. And as of November, the SNAP program had 43.6 million participants, an increase of 400k from October, and a 14% increase, or 5.3 million from a year prior.
Congratulations, Americans! We’ve bailed out the banks, devalued the currency and driven ourselves further in to bankruptcy – and in return, you get food stamps!
Is this hope, or change?
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