You betcha’!
Research performed by the United States Department of Agriculture at the request of then-President George W. Bush shows that for every $1.00 spent on the Supplemental Nutrition Assistance Program, $1.84 is put into the economy. In fact the report says that, “every $5 in new SNAP benefits generates as much as $9 of economic activity.”
You want jobs?
The research shows that the “jobs impact estimates from the FANIOM model range from 9,000 to 18,000 FTE-jobs plus self-employed per $1 billion of SNAP benefits.”
It should be borne in mind that the median household income in 2006 was slightly over $50,000/year.
Read on for more “shocking” economic good news!
The report in it’s entirety may be downloaded here.
8/27/20 NOTE: The official USDA report site has ceased, and the report may be downloaded from this site – WSB. The Food Assistance Nation Input-Output Multiplier (FANIOM) Model & Stimulus Effects of SNAP
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The Economic Case for Food Stamps
Jul 18 2012, 3:09 PM ET
Congress is planning to cut up to $16 billion from low-income food aid over the next five years. But research shows that every dollar spent on assistance pays for itself and grows the economy.
In its current form, the House Agriculture Committee‘s version of the farm bill proposes draconian cuts to food stamps, also known as the Supplemental Nutrition Assistance Program (SNAP). The ill-thought-out proposal would deny food assistance to millions of people, many of them children. Speaking as a chef and CEO of a national nonprofit that supports small and mid-sized farmers who make fresh fruits and vegetables available to everyone regardless of income, I’m obviously alarmed.
Grace Blackburn, Susan Noyce and Mary Claire Geyer (L-R) set out fruit for sale at the Westmoreland Berry Farm stand at the Arlington Farmers’ Market in Arlington, Virginia in this picture taken June 28, 2008. While price hikes are rippling through farmers’ markets across the United States, they are doing little to deter shoppers looking for local produce. Cherries and berries for sale at the Westmoreland Berry Farm stand at the Arlington Farmers’ Market in Arlington, Virginia (Jonathan Ernst/Reuters)
The Senate’s version of the farm bill would reduce overall funding by $23 billion, with a reduction in food stamps of $4.5 billion over five years. The House Agriculture Committee is proposing to cut funding by $35 billion — with nearly half the overall cut coming from reductions in food stamps by $16 billion over five years.
Those who believe in cutting SNAP funding as a cost-saving measure should know that food stamps boost the economy — not put a strain on it. Supporters of federal food benefits programs including President George W. Bush understood this, and proved the economic value of SNAP by sanctioning a USDA study that found that $1 in SNAP benefits generates $1.84 in gross domestic product (GDP). Mark Zandi, of Moody’s Economy.com, confirmed the economic boost in an independent study that found that every SNAP dollar spent generates $1.73 in real GDP increase. “Expanding food stamps,” the study read, “is the most effective way to prime the economy’s pump.”
It is important to point out that SNAP benefits go to those who need them most. USDA’s Amber Waves recently wrote that Read the rest of this entry »
Warm Southern Breeze 