‘Bidenomics’ Fail: Food Stamp Bonanza Sends Grocery Bills Soaring 15%
In a classic move by those on the left — no grasp of what sparks inflation
In a classic move by those on the left — democrats, socialists, and everyone in between with seemingly no grasp of what sparks inflation — championed the Biden administration’s move in 2021 to increase food stamp spending by the most in history, hiking benefits by an average of 27%.
In 2022, the Department of Agriculture’s Supplemental Nutrition Assistance Program (SNAP) spending hit a record high of $119 billion, a sixfold increase over the last two decades. In 2019, taxpayers were on the hook for $4.5 billion per month on food stamp benefits. By December 2022, monthly food stamp spending soared to $11 billion.
According to findings from the government watchdog Foundation for Government Accountability (FGA), previewed by Fox News, the administration’s massive expansion of food stamp benefits could be responsible for a 15% spike in grocery store prices.
FGA called Biden’s rush to increase SNAP benefits an “unlawful expansion—which bypassed Congress—will cost taxpayers $250 billion over the next decade and has heavily contributed to soaring grocery prices.”
“Congress should repeal President Biden’s unlawful food stamp expansion and ensure this type of executive overreach cannot happen again. In doing so, Congress could save taxpayers more than $193 billion over the next decade,” it added.
The good news is the emergency allotments expired earlier this year, but food stamp spending remains $8.6 billion in March. The Congressional Budget Office estimates SNAP spending will cost taxpayers nearly $1.1 trillion over the next decade.
“USDA cooked their books to hike food stamp benefits by 27% — the largest permanent increase in program history. And they bypassed Congress to do it,” said Jonathan Ingram, Vice President of Policy and Research at the Foundation for Government Accountability.
Ingram noted, “Data show the Biden administration’s overreach led to massive spikes in grocery prices. They’re feeding inflation, not stopping hunger.”
The index for food at home (groceries) has skyrocketed ever since Biden increased SNAP benefits.
As food inflation soared, Biden’s officials, seemingly detached from economic reality, pointed the finger at food companies for raging food inflation.
Remember this?
If FGA is correct, this is another sign that ‘Bidenomics’ has been a disaster for low/mid-tier consumers drowning in inflation.
It’s one giant EBT party…
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(TLB) published this article from ZeroHedge as compiled and written by Tyler Durden
Header featuted mage (edited) credit: Carry sack with one finger/org. ZH article
Emphasis added by (TLB)
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