Food stamps and priorities

Updated: Thursday, November 28, 2013
Food stamps and priorities  story image
KALAMAZOO, Mich. (NEWSCHANNEL 3) – Food banks across the country are struggling to help millions of Americans put holiday meals on their tables for Thanksgiving and Christmas.

On Thanksgiving eve, Tom Van Howe has a few thoughts about priorities and the growing gap between the rich and just about everybody else.

- - -

It’s probably not the best time to have slashed food stamps by five billion dollars.

Most of us, at one time or another, see – or think we see – people taking advantage of the system, but for the most part people use those stamps to put food on their tables, simple as that.

The U.S. Agriculture Department says 15 percent of Americans, roughly 50 million people are considered “food insecure.”

Food banks are astonished at the demand, they’ve fallen behind, they’re scrambling like never before to catch up, and we’ve reduced food stamps by five billion dollars.

Just for the sake of perspective, this is coming from a government that lost nearly seven billion dollars in the early years of the Iraq war. Not misspent, although there was a lot of that too, but lost. Gone. Lining someone’s pockets. The Pentagon said, given enough time, they’d find it, but they never did.

The cash had been flown into Iraq in 20 C-130s in shrink-wrapped bricks. There was no accounting for it, presumably a lot of people got very rich.

Did anyone’s head roll? No. Did anybody go to prison? No.

We brought $55 billion in cash to Afghanistan, $55 billion to win the hearts and minds of the people. Nobody is certain where it all went. We just don’t know.

Over the past decade, tens of millions of dollars of cash has been regularly delivered to Afghan President Hamid Karzai. It arrives in suitcases, backpacks, and shopping bags. We don’t know how much in all, certainly enough to keep him in fancy hats and robes and we don’t know how it’s been spent. Mind you, these were regular deliveries.

Ostensibly the money was meant to buy influence for the CIA, but some of it instead fueled corruption and empowered warlords, many of whom have ties to the drug trade or the Taliban.

Anybody called to the carpet? Not as far as anyone knows.

JP Morgan-Chase just agreed to pay a fine of $13 billion for the fraudulent way it bundled and sold bad mortgages and securities leading up to the great recession six years ago. The company lied repeatedly in an effort to cover its losses and JP Morgan wasn’t alone; all of Wall Street was lying, cheating, stealing and paying themselves bonuses.

Remember AIG and Lehman Brothers? Goldman Sachs, Morgan Stanley, Bank of America, all of them, they were embroiled in an obscene scandal that left millions impoverished, that destroyed trillions of dollars of the world’s wealth.

Anybody pay for this? Anybody go to jail? Nope.

For the record, in the case of JP Morgan-Chase, the longtime chairman and CEO is still the chairman and CEO. JP Morgan’s stock is up 23 percent for the year and the $13 billion fine will most likely be paid by stockholders, but what gets everyone into a dither is food stamps.

None of this is to suggest that law enforcement in general doesn’t still have a grip on things. Last week a 24-year-old trouble making McDonald’s worker up in Iron Mountain was convicted of spitting into a snack wrap and serving it to a cop.

He got two-and-a-half years.

Business News

Last Update on August 28, 2015 17:24 GMT

FED-RATES

WASHINGTON (AP) -- Federal Reserve Vice Chairman Stanley Fischer says that incoming economic data and market developments will likely determine whether the Fed boosts interest rates in September.

Fischer says that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. But he adds that the Fed is watching how events unfold following the surprise announcement by the Chinese that they plan to devalue their currency.

Fischer says that central bank officials have not made a decision yet on whether to raise rates but would be closely following data such as next week's jobs report and market moves before the Sept. 16-17 meeting.

Fischer said the plan is still to move rates up very slowly and gradually.

CONSUMER SPENDING

WASHINGTON (AP) -- U.S. consumers increased their spending by a moderate amount in July, while income growth was propelled by the largest jump in wages and salaries in eight months.

The Commerce Department says spending rose 0.3 percent in July, helped by a big jump in purchases of big-ticket items such as cars. June's result was revised up to a matching 0.3 percent gain.

Incomes increased 0.4 percent. The key category of wages and salaries rose 0.5 percent, the biggest advance since last November.

The report indicates that consumer spending, which accounts for 70 percent of economic activity, got off to a good start in the third quarter. Economists believe the economy will be fueled in the second half of this year by solid income and spending gains.

CONSUMER SENTIMENT

WASHINGTON (AP) -- Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary.

The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.

The figures provide an early read of the impact on consumers from the 1,900 point drop in the Dow Jones industrial average over six days through Tuesday. Stock prices have since recovered some of those losses.

The University of Michigan surveys consumers throughout the month and so some of the responses were tallied as the stock market plunged.

Even so, the survey also found that Americans remain confident about the U.S. economy and their personal finances.

FACEBOOK-ONE BILLION A DAY

NEW YORK (AP) -- You, your mom, your grandma and elementary school buddy Lawrence might have been some of the billion people who logged in to Facebook on Monday -- the first time that has happened in a single day. That's right, one billion people, or one-seventh of the Earth's population.

It was a big symbolic milestone for the world's biggest online social network, which boasts nearly 1.5 billion users who log in at least once a month. CEO Mark Zuckerberg marked the occasion with a Facebook post.

Most of the billion people who logged in on Monday were outside the U.S. and Canada. Of Facebook's overall users, more than 83 percent come from other countries. This is also where Facebook's next billions of users will likely come from as it grows.

CHEATING WEBSITE-CEO

NEW YORK (AP) -- The CEO of adultery website Ashley Madison is stepping down in the wake of the massive breach of the company's computer systems and outing of millions of its members.

Avid Life Media Inc., Ashley Madison's parent company, says Noel Biderman's departure was a mutual decision and in the best interest of the company.

Hackers originally breached Avid Life's systems in July and then posted the information online a month later after the company didn't comply with their demands to shut down.

Ashley Madison, whose slogan is "Life is short. Have an affair," purports to have nearly 40 million members.

GOP 2016-TRUMP-TAXES

WASHINGTON (AP) -- Republican presidential candidate Donald Trump is promising to offer a plan within a month to overhaul the tax system, calling himself "king of the tax code."

He's been hinting at such a plan recently, saying that wealthy Americans should pay more.

In a phone-in interview Friday on MSNBC's "Morning Joe" show, Trump says, "I know the hedge fund guys. ... These guys don't really build anything. They shuffle papers back and forth."

Trump says he'll unveil a plan to simplify the tax code and eliminate some deductions, asserting "nobody knows the tax code better than I do."

Trump says hedge fund managers are big supporters of Democrat Hillary Rodham Clinton and GOP rival Jeb Bush and adds, "I will have a plan."

He says hedge fund managers won't be happy.

PENTAGON-TECHNOLOGY

NEWPORT BEACH, Calif. (AP) -- Defense Secretary Ash Carter is announcing that the Pentagon will fund a new venture to develop cutting-edge electronics and sensors that can flex and stretch and could be built into clothing or the skins of ships and aircraft.

The high-tech investment could lead to wearable health monitors that could be built into military uniforms or used to assist the elderly. Or it could foster thin, bendable sensors that could be tucked into cracks or crevices on weapons, ships or bridges where bulky wiring could never fit. The sensors could telegraph structural problems or trigger repair alerts.

Carter plans to lay out the details for the newly created high-tech innovation institute in a speech Friday in California's Silicon Valley.

advertisement
Washington Times
advertisement