The Poor Lose the Ability to Buy Food

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published
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Because of the recession, the poor continue to lose the ability to pay for sufficient food. It is another sign that the financial situation of the lower class has become decoupled from that of the middle class. The unemployment problem has a stranglehold on people who live below the poverty line more than any other group.

According to a new Gallup poll, “The percentage of Americans reporting that they had enough money to buy the food they or their families needed continued to decline in October, nearing the record low seen in November 2008. The percentage who did not lack money for food in 2011 fell to 79.8% from 80.1% in September, continuing a decline that began in April.” If November 2008 was not the worst month in the history of the American economy since the Great Depression, it was close.

The food affordability problem puts even more pressure on the federal government to find solutions to the jobs problem. The trouble also potentially puts more of a burden on Washington to spend money for programs to help the poor and unemployed. The situation may become worse in the near future. Congress may not extend unemployment benefits beyond 99 weeks. If this insurance is not extended, the number of people who live below the poverty level will balloon by hundreds of thousands next year.

The ability to feed a family may be the best barometer of the plight of Americans in financial trouble. If so, the people most hurt by the recession have little hope — perhaps even if the economy begins to revive.

Methodology: Results are based on telephone interviews conducted as part of the Gallup-Healthways Well-Being Index survey Oct. 1 to 31, 2011, with a random sample of 30,289 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia, selected using random-digit-dial sampling.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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