Agreed. But I can think of a few situations where "a years supply of food" would still be a good thing to have.

First, every additional person you add shortens that year. So 1 year for one is (roughly) 6 months for 2. Add a few neighbors and your inlaws who were visiting when the Event occured, and now it's suddenly not so excessive.

Second, it doesn't take total collapse to make that year's supply pay off. If our food or water supplies are attacked, I'd fall back to my stored supplies and wait the Bad Guys out. A "Washington Sniper" scenario, but with food instead of bullets. Remember the Tylenol poisonings? You don't have to render all food and water unfit for consumption... you just have make people scared to eat and drink it.

Of course, I don't have anywhere near that much, and probably won't. But after thinking about it for a few minutes, I don't think it's all that unreasonable.