Walmart: Sweating Welfare State Cuts
MEGA-RETAILER NEEDS THAT FOOD STAMP MONEY …
Walmart – already facing strong economic headwinds – is warning its shareholders of another major problem.
In the company’s annual report, the mega-retailer frets the impact of risk factors “outside our control.”
Among those risk factors? “(C)hanges in the amount of payments made under the Supplement Nutrition Assistance Plan and other public assistance plans, (and) changes in the eligibility requirements of public assistance plans.”
The Supplemental Nutrition Assistance Plan (or SNAP) is the federal government’s primary food stamp program.
Two months ago Congress cut the federal government’s $80 billion a year food stamp outlay by a paltry $800 million. Last we checked, that still left $79.2 billion worth of food stamp payments in place – which is more than twice the $33 billion doled out in 2007.
America’s dependency economy is barely being touched, in other words …
Still, Walmart is worried … doubly so seeing as the vast majority of its workers receive food stamps themselves (in addition to other government benefits).