Nov 12. Record number on food stamps

–Holiday trading today (Veteran’s Day). Interest rate futures were marginally lower Friday as stocks stabilized.
–Just a few snippets since today should be quiet. Number of people on food stamps hit a new high of 47 million, about 15% of the population. (Obama got 61.7m votes). “Since October 2007, food stamp usage has increased 74.4%. Population has increased 3.9% during the same time period.” http://www.economicpopulist.org/content/food-stamp-usage-reaches-record-high-15-america-food-stamps In Jan 2009 about 31.5 million were on food stamps.
–There has likewise been a troubling surge in federal disability payments. From Social Security website, Oct 2012 had 8.803m people on disability, vs 7.726 in Oct 2009. An increase of 14% over 3 years. “It is plain to see that permanently stagnant labor markets are making Social Security disability the new unemployment benefit,” he writes. (Jack Albin, Harris) http://articles.latimes.com/2012/aug/22/business/la-fi-mo-disability-claims-20120822
In Jan 2009 the ratio of disability to workers was 19 to 1. Now it’s more like 15 or 16 to 1.
–Certainly we want a social safety net. But we seem to have people just dropping out, as can be seen in employment to population ratio. On Oct 2012 the ratio is 58.8. High was 65% in 2000, and in 2008 it was about 63%. Certainly, restoring growth is the priority, and the Fed’s QE doesn’t appear to be the answer. Now we face the fiscal cliff…a more serious threat than most recognize according to Ambrose Evans-Pritchard. http://www.telegraph.co.uk/finance/comment/9670975/World-cannot-afford-second-Fiscal-Cliff-after-Europes-failed-attempt.html

Posted on November 12, 2012 at 7:40 am by alexmanzara · Permalink
In: Eurodollar Options

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