How the food stamp increase boosts the economic recovery.
Daniel Worthey shops in Little Rock, Ark., on Aug. 9. Worthey, who earns about $14,000 a year, recently got custody of his 10-year-old daughter, Avery, and decided he needed SNAP himself. His benefit is $130 a month.An economic recovery under threat from the delta variant of the coronavirus got a shot in the arm this week from an unexpected source:Consumer sentiment, a leading economic indicator, plunged by 13.
That's greater than the $1.31 per dollar for federal aid to state governments and the 32 cents per dollar for cutting corporate tax rates. The influx of money will be especially significant for small grocers and mom-and-pop retailers who have been battered by the pandemic and face the prospect of raising workers' pay to compete with larger rivals. Being able to afford groceries frees up other spending, and it tends to be spent in local neighborhoods, providing targeted economic stimulus to hard-hit communities.
Technically, the SNAP increase, which does not need congressional approval, is an update of the Agriculture Department's Thrifty Food Plan, from which benefit amounts are derived. The Agriculture Department was directed to review the Thrifty Food Plan as part of the 2018 farm bill.found that the cost of a"nutritious, practical, cost effective diet" was more than 20 percent higher than the existing Thrifty Food Plan estimate.
"When you give someone access to SNAP, that extra money that they may have goes to paying a bill or goes to buying their kid a pair of shoes — it goes directly into the economy," said Juanita Burden, director of benefits and customer outreach at the Mid-Ohio Food Collective, who said about 30 percent of the organization's clients are new since the onset of Covid-19."During those first months ... it was kind of overwhelming to see how much people needed," she said.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
India's Modi promises to spend over $1 trillion on infrastructure -- once againIndian Prime Minister Narendra Modi has renewed a pledge to spend more than $1 trillion on infrastructure to create jobs for hundreds of thousands of young Indians and boost the economy.
Consulte Mais informação »
Delta Variant Threatens Small Businesses as It Slows Return-to-Office PlansSmall businesses were counting on a boom after Labor Day. Now, the Delta variant is likely to keep the customers they rely on working from home.
Consulte Mais informação »
Nearly One Million Jobs Added In July: Will The Delta Variant Derail The Growth?In an impressively positive jobs report, United States employers added 943,000 jobs in July. The unemployment rate dropped to 5.4%, signaling the economy is improving.
Consulte Mais informação »
WSJ News Exclusive | As Delta Surges, Covid-19 Breakthrough Cases Remain UncommonAs the Delta variant tears through the U.S., vaccines are still the best protection against serious illness, a WSJ analysis of infection data shows. “Basically everyone who is on a ventilator is unvaccinated.”
Consulte Mais informação »
California sees signs Delta surge is slowing, but a new challenge loomsThe number of people being infected and falling seriously ill with COVID-19 is no longer accelerating at dramatic rates and even beginning to flatten in some areas.
Consulte Mais informação »
Americans spent less in July as COVID-19 surged and Delta variant kept shoppers homeRetail sales fell 1.1% last month compared to June, a much larger drop than analysts had expected, as COVID-19 kept shoppers away from stores.
Consulte Mais informação »