12.8% of American families are at risk of hunger
President Biden called the latest, apparently positive, employment data “Bidenomics in action”. The elderly president stated that he "continues to fight to build an economy from the center up and from the bottom up", giving a definition which, in itself, means nothing, but sounds very good in the newspapers . But working-class Americans know better than to trust the static wizards of the Bureau of Labor Statistics, and a recent poll revealed that two-thirds of Americans don't believe the government's economic news.
The mistrust is justified because not even the U.S. Department of Agriculture can anymore pretend that Bidenomics works. A new report from the agency shows that household food insecurity in 2022 rose to levels not seen since Biden was vice president during the Obama administration.
The USDA found that 87.2% of households were food secure last year. The remaining 12.8% (about 17 million families) suffered from food insecurity. This is the highest level of food insecurity in America since 2014.
“Food insecure households (those with low or very low food security) had difficulty at some point during the year providing enough food for all of their members due to a lack of resources,” the USDA said . Last year, approximately 5.1% of households (or approximately 6.8 million) experienced the most severe level of food insecurity.
The USDA said families' food insecurity is due to "a lack of money and other resources that limits their ability to purchase adequate food."
However, the USDA survey is based on 2022 data, so it is to be suspected that the data will also be high in 2023 as persistent inflation compresses the purchasing capacity of low- and medium-range families. Many people have drained their personal savings and accumulated insurmountable credit card debt just to make ends meet, put food on the table at dinner and fill up the gas tank of their car.
Several major Wall Street banks have begun warning of consumer collapse in the age of Bidenomics. The latest sign of trouble came last weekend, when extremely negative data on auto loan bad debts was released. Yet everyone says everything is fine in the USA. Biden's power.
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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/il-128-delle-famiglie-americane-rischia-la-fame/ on Sat, 28 Oct 2023 08:00:08 +0000.