The reason for this cut in food stamps is, “The expiration of the federal stimulus bill has caused the cuts after pumping about $45.2 billion into the program since 2009.”
To put this in perspective, the Federal Reserve has been pumping in $85 billion A MONTH to financial institutions to prop up Wall Street and the financial sector, and 82% of those monies are being held in reserve by those banks. Only 18% has been loaned to businesses and individuals to energize the market.
Let’s repeat for our readers, although the Bernanke Fed has disbursed $2.284 trillion in new money (the monetary base) since August 1, 2008, one month before the 2008 financial crisis, 81.5 percent now sits idle as excess reserves in private banks.
Also, if you’ve been reading or listening to objective news outlets, JP Morgan Chase is working on a $15 billion deal with the federal government admitting they assisted in the financial collapse which decimated jobs and our economy.
So, the cause of our economic problems (the financial industry) received $13 trillion in a lump sum payout and then $85 billion per month since 2008, but the victims of the economic crash who have been hit the hardest – Middletown, USA – not only gets blamed for our countries deficits by Congress, but they lose their benefits.
Sorry, but Congress, Washington, and the whole system are completely out of touch with reality.