Step 1

In a soup pot over medium-high heat, cook bacon until crisp. Remove bacon to a paper towel-lined plate, let cool, then crumble and set aside.

Step 2

Over medium heat, cook onion in bacon drippings 3 to 4 minutes, or until tender, stirring constantly. Add potatoes and water; bring to a boil. Cover, reduce heat to low, and simmer 18 to 20 minutes, or until potatoes are fork-tender.

Step 3

Stir remaining ingredients into potato mixture; cook until thoroughly heated, stirring often. Ladle into bowls, sprinkle with bacon, and serve immediately.