Tuesday, November 20, 2012
More Americans will use food stamps to buy their Thanksgiving dinner in 2012 than ever before
The Food Stamp Challenge, which challenges higher-income families to live as if they are on food stamps, estimates that a person on food stamps has a budget of about $1.25 per meal. In other words, a family on food stamps must buy an entire meal per person for less than the cost of an average cup of coffee. Usage of food stamps among low and no-income families has spiked since the collapse of the U.S. financial system four years ago. According to the U.S. Department of Agriculture, average participation in the Supplemental Nutrition Assistance Program, or food stamp program, has increased 70% since 2007. And economists have warned that usage of food stamps won't go down until unemployment improves. This Thanksgiving, 42.2 million Americans will be on food stamps, according to the Economic Policy Institute. This is roughly the size of the populations of California and Connecticut combined. Not surprisingly, feeding millions of Americans isn't cheap. The cost of the SNAP program last year reached $72 billion, the highest to date, according to the Congressional Budget Office.