Tuesday, June 23, 2009

No Recovery In Sight

The World Bank sees a greater global economic slump than originally predicted.
The stock market has tumbled again and much of its recent gains have evaporated.
Inflation fears continue to rise as the nation falls deeper into debt.
And now welfare rolls are beginning to rise once again.
From Sara Murray in the Wall Street Journal:
Welfare rolls, which were slow to rise and actually fell in many states early in the recession, now are climbing across the country for the first time since President Bill Clinton signed legislation pledging "to end welfare as we know it" more than a decade ago.
See the increase in welfare cases for the 30 most populous states, year-over-year.
Twenty-three of the 30 largest states, which account for more than 88% of the nation's total population, see welfare caseloads above year-ago levels, according to a survey conducted by The Wall Street Journal and the National Conference of State Legislatures. As more people run out of unemployment compensation, many are turning to welfare as a stopgap.
The biggest increases are in states with some of the worst jobless rates. Oregon's count was up 27% in May from a year earlier; South Carolina's climbed 23% and California's 10% between March 2009 and March 2008. A few big states that had seen declining welfare caseloads just a few months ago now are seeing increases: New York is up 1.2%, Illinois 3% and Wisconsin 3.9%.

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