Down from the record hit in December 2012, 14.8{ba1edae1e6da4446a8482f505d60d3b8e379ff6dedafe596d9ba4611a4e33a48} of Americans were documented as on food stamps in May.
The following article is from the NAFB News Service:
The Wall Street Journal reports the use of food stamps is dropping. 46.2 million Americans were documented as on food stamps in May according to the USDA. Data shows that figure to be about 14.8 percent of the U.S. population. That is down from a record 47.8 million in December of 2012. According to the Wall Street Journal, experts expect enrollment and costs to keep falling. They claim that as more Americans find jobs and collect paychecks, fewer will be eligible, lowering program costs. The Congressional Budget Office sees food-stamp costs possibly returning to 1995 levels around 0.35{ba1edae1e6da4446a8482f505d60d3b8e379ff6dedafe596d9ba4611a4e33a48} as a share of GDP in five years.
In May, SNAP participation fell in 43 states compared with a year earlier, while rates of growth in other states have slowed considerably. Declining use of food stamps is a positive signal for the economy, according to the report. It suggests that recent improvements in labor markets are reaching more Americans, especially lower-income ones. If more Americans have cash, that could fuel spending, a primary driver of the economy.
Source: NAFB News Service
Posted by Haylie Shipp
