Chart of the Day
Posted at 10:30 a.m. on Sept. 23
– Paul Krugman charts spending on the Supplemental Nutrition Assistance Program, commonly known as food stamp, as a percentage of gross domestic product.
“Does this look like an out-of-control program to you? Spending as a percentage of GDP was no higher in 2007 than it had been in 1990. It then soared when we experienced the worst economic crisis since the Great Depression — which is exactly what should have happened. True, spending didn’t fall during the Bush-era economic expansion, but…that expansion didn’t trickle down to the people who use food stamps.”
Tyler Cowen: “It doesn’t make sense to go after food stamps, and you can read the recent GOP push here as a sign of weakness, namely that they, beyond upholding the sequester, are unwilling to tackle the more important and more wasteful targets, including Medicare and also defense spending, not to mention farm subsidies.”