Net Net: Promoting innovation and managing change
Net Net: Promoting innovation and managing change

Record 46 Million Americans Are on Food Stamps

The number of Americans on food stamps hit a record high in June, and economists don't expect much improvement as long as unemployment remains high.

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Those receiving benefits through the Supplemental Nutrition Assistance Program numbered 46.37 million, the government said in a report that hit just days ahead of the monthly nonfarm payrolls report, which the Labor Department releases Friday.

The two numbers are inextricably linked as the economy battles its way back from the crippling recession that the National Bureau of Economic Research says ended in 2009.

"The unemployment data is not really telling us the true story of how many people are underemployed," says Peter Cardillo, chief market economist at Rockwell Global Capital in New York. Food stamps are "a good indication of how the income of the workforce has stagnated and more and more people are applying for food stamps."