| |
Money Facts Archive
Get the real facts that will shape your future by having them delivered to your Inbox!
|
|
Last week (at Forbes.com) Reuters reported that the US food stamp list topped 34 million for first time. Based on a U.S. population of 306 million, that means one out of every nine people in the United States are receiving food stamps.
At the U.S. Department of Agriculture (USDA) website, it states:
"As of Oct. 1, 2008, Supplemental Nutrition Assistance Program (SNAP) is the new name for the federal Food Stamp Program. The new name reflects the changes we’ve made to meet the needs of our clients, including a focus on nutrition and an increase in benefit amounts. SNAP is the federal name for the program. State programs may have different names."
The USDA site also provides the following Q & A:
"What Resources Can I Have (and Still Get SNAP Benefits)?
Households may have $2,000 in countable resources, such as a bank account, or $3,000 in countable resources if at least one person is age 60 or older, or is disabled. However, certain resources are NOT counted, such as a home and lot, most retirement (pension) plans, the resources of people who receive Supplemental Security Income (SSI), the resources of people who receive Temporary Assistance to Needy Families (TANF) (formerly AFDC), and, up to $4,650 of the fair market value of one car per adult household member (and one car per teen-aged household member if the teenager is using it to go to work, look for work, or prepare for work). If a vehicle is needed to transport a physically disabled household member, its value is not counted. The resources of people who get SSI and Temporary Assistance for Needy Families (TANF) are not counted at all. An important exception to this is that in the State of California SSI recipients are not eligible for SNAP benefits, because they receive a State supplement to their SSI benefits in lieu of SNAP benefits."
Based on these facts and the current state of the economy, someone better consider printing up a lot more food stamps in a hurry.
- Ed Smith