As expected, the House version of the 2012 farm bill contains deep cuts to the Supplemental Nutrition Assistance Program (SNAP, formerly called food stamps). With its $16 billion proposed cut in this critical safety net, the House leadership is about three times as cruel as the Senate, which already approved a $4.5 billion reduction over 10 years. If the House gets its way, two-three million Americans could go hungry. In addition, 280,000 kids could get kicked off the school meal program because their families’ eligibility is tied to SNAP. And speaking of kids, almost half of all SNAP participants are children.
Posts Tagged ‘J.P. Morgan Chase’
Farm Bill Jackpot – How Much do Corporations Benefit from SNAP?
As Congress proposes cuts to hungry families, my new report raises questions about how much food makers, retailers, and big banks profit from food stamps.
With the debate over the 2012 Farm Bill currently underway in the Senate, most of the media’s attention has been focused on how direct payments—subsidies doled out regardless of actual farming—are being replaced with crop insurance, in a classic shell game that Big Ag’s powerful lobby is likely to pull off.
Meanwhile, the Senate may hurt the less powerful by cutting $4.5 billion from the largest piece of the farm bill pie: the Supplemental Nutrition Assistance Program (SNAP, formerly called food stamps). Reducing this lifeline for 46 million struggling Americans (more than 1 in 7—nearly half of them children) has become a sideshow in the farm bill circus, even though SNAP spending grew to $78 billion in 2011, and is projected to go higher if the economy does not improve.
Press Release: Food Stamp Subsidies for Junk Food Makers, Big Box Retailers, and Banks?
Contact: Haven Bourque 415.505.3473 haven@havenbmedia.com
FOR IMMEDIATE RELEASE
As 2012 Farm Bill debate rages in Congress, a new report demands SNAP program transparency
Oakland, CA, June 12, 2012 — Are food stamps lining the pockets of the nation’s wealthiest corporations instead of closing the hunger gap in the United States? Why does Walmart benefit from more than $200 million in annual food stamp purchases in Oklahoma alone? Why does one bank, J.P. Morgan Chase, hold exclusive contracts in 24 states to administer public benefits?
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