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We have all heard the saying many times that many companies would not be in business if the consumers did not buy their products. If you have a problem with them, don't give them your money.
The converse is also true in regards to food stamps. If you have a business and don't support food stamps, then don't accept them. No one is holding a gun to your head to take them.
In fact, many of the Big Business want in on the Gravy Train.
First there is JP Morgan, the Food Stamp King that rakes in billions from Food Stamps:
This week’s credit check: A record 43.6 million Americans are using food stamps. JPMorgan’s segment that makes food stamp debit cards made $5.47 billion in net revenue in 2010.
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As the head of this division at JPMorgan, Christopher Paton, told Bloomberg, “They act and feel very much like a debit card. A lot of stores increasingly take food stamps.” What convenience! And Paton points out that his bank is the largest processor of food stamps in the country.
These are boom times for such services — a new report from the US Department of Agriculture reports that 43.6 million Americans are now using food stamps, nearly 14% of the population, which is a record number. Paton notes this trend himself: “Volumes have gone through the roof in the last couple of years,” he says. “This business is a very important business to JPMorgan in terms of its size and scale.” And the numbers bear him out.
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Paton’s quick to point out that this isn’t just about profit at JPMorgan — it’s also serving a “useful social function.” And department execs don’t have to sit around hoping for unemployment to skyrocket so they can make a buck — more than 40% of food stamp recipients have a job, as Paton notes. Even if you get a job, you still have an almost one in two chance of still not being able to buy groceries, so JPMorgan can continue to make its profits as unemployment falls (someday).
But it does show a misalignment between what the banks want and what’s good for the rest of us. It turns out that JPMorgan also provides unemployment benefit debit cards in some states on top of the food stamp cards. Talk about marketing off of misery — the profit made from these cards shoots up as workers lose their jobs and can’t pay for food. Whether or not they’re providing a needed service, you would be hard pressed to find a way in which the business interest of this segment is not aligned with further economic ruin for America’s workers. Instead of profiting when we all do well, they profit off of our misery.
The Fast Food Industry wants a cut of the action to:
In an ever-growing number of states, if you crave a taco or fried chicken from a fast-food restaurant, you can pay for it with food stamps.
Food stamps - known more formally as the USDA’s Supplemental Nutrition Assistance Program - have been in use for grocery staples, such as bread and milk, since 1934, but now, for the first time, they can be used for fast food in four states across the country.
The number of businesses – including convenience and discount stores, gas stations and pharmacies – that have been approved to accept food stamps has increased by a third over the course of three years from 2005 to 2010, USA Today reports, and fast-food chains are working hard to get a cut of the federal dollars in Florida, California, Arizona and Michigan.
The funds allocated to the food stamp program have increased exponentially, from $28.5 billion to $64.7 billion in that same time frame, according to USA Today, and at a time when people have less money to spend, the bump in federal dollars can mean a lot to the fast-industry.
Yum! Brands, based in Louisville, Ky., which operates a string of restaurants that includes Taco Bell, KFC, Long John Silver’s and Pizza Hut, are among those applying for inclusion in the food stamp program, saying that elderly, disabled and homeless people have difficulty preparing meals, ABC affiliate WHAS reported.
So if you tried to do away with Food Stamps, you would first need to go up against the Oligarchs that own our Government. Good Luck.
Lets not also forget Walmart, the King of Food Stamp Taking:
Walmart Profits off Food Stamp Recipients—Who Cares?
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Last Friday, Walmart filed an annual report with the U.S. Securities and Exchange Commission. On a list of the many factors that could hurt the company financially—federal interest rate changes, natural disasters, cyberattacks, untimely trendspotting—Walmart also included "changes in the amount of payments" made under the federal Supplemental Nutrition Assistance Program (SNAP) and other public assistance programs.
This seems relatively reasonable and noncontroversial, no? Walmart is known for having low prices and catering to a low-income crowd. Some low-income families rely on SNAP benefits, aka food stamps, to buy their groceries. Drastic cuts to the SNAP program might result in poor families buying less food and, therefore, spending less at Walmart. Walmart is a for-profit company, and therefore things that decrease profits are viewed as risks.
While many of Walmart's (WMT) workers rely on food stamps and other government aid to make ends meet, its top eight executives are living better, thanks in part to $298 million in tax-deductible "performance pay" during the past six years.
So these execs live off the tax payer dime via food stamps and then have the audacity to get away with paying taxes for these very food stamps they take.
So these execs live off the tax payer dime via food stamps and then have the audacity to get away with paying taxes for these very food stamps they take.
They want everyone else to pay for it.
Well our government does condone it. Why they even have laws that allow it
Obama doing everything he can to pump up the welfare rolls. Why because big business and big banks benefit from welfare. And libbys thought he actually cared about them.
Everyone is on the take and the middle class gets to pay for it.
If you have a business and don't support food stamps, then don't accept them. No one is holding a gun to your head to take them.
So if I own a small grocery store and complain about all the taxes I have to pay to support food stamps in your opinion I should not take them and allow my competition to benefit from my taxes?
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