Wal-Mart relies on food stamps for profit
The retailer is worried that changes to the SNAP program will continue to hurt sales.
There are oodles of things Wal-Mart is fearful of, from Fed interest-rate policy to climate change, but here's the specific language on benefits: "changes 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." (Yes, Wal-Mart's lawyers got the name of the program wrong -- it's the Supplemental Nutrition Assistance Program.)
The latter language could reflect both the change in the food-stamp program as well as the ongoing debate over whether Congress should renew extended jobless benefits that lapsed at the end of December.
This isn't the first time Wal-Mart has commented on the business impact of the food-stamp program. On Jan. 31, Wal-Mart said the reduction in food-stamp benefits by as much 5.5 percent in November hurt its profits last quarter and were the reason the company’s comparable-store sales were negative (-0.4 percent) rather than flat at its Wal-mart stores.
Wal-Mart's risk factors also reflect worries about a skills shortage, both to operate their new stores as well as to build them. The latter is an issue that the building industry is more broadly worried about as well.
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Meanwhile, the economy is fine.
Just an observation:
5-7 years ago, I would not have been able to tell you what:
Section 8 is
Fast forward to present day: Now I know exactly what they are.
Hell that's because wal-mart has such low pay grades they depend on the government to pick up there pay differences by using up subsidies hell I'll go even further they train there managers and human resource people to make it happens so of course it will hurt them why do you think there afraid of a minimum pay raise?
Sounds like Wal-Mart has figured out welfare isn't going anywhere and is taking full advantage. I would do the same.
Much like landlords with section 8 housing. Guaranteed money.
Food Stamps are one of the most abused and wasteful social program this country has ever developed. A family of four receives more money monthly then my family of five spends a month on food. The amount paid out each month should be cut by at least one third. Purchases by food stamps should be (if not already) restricted to the following: Fresh/frozen non prepared meats & fish, fresh/frozen non prepared vegetables, deli meats/cheeses, canned goods, breads, non sweetened dairy, and non sweetened juices. The following should always be banned, and processes need to be in place where not already, to restrict: Soda, bottled water, power and energy drinks, sweetened juices, coffee, tea, ice cream, candy, energy bars, any pre-prepared meals or sandwiches, snacks/junk food, or any food that is mail ordered or shipped anywhere. If these rules would be followed, and recipients would learn how to shop and properly eat, no one would be hungry and we the taxpayers would save billions.
Tobacco and alcohol should be banned from purchase by welfare funds. No cash should be allowed to be pulled off of any assistance cards except at banks and should be limited to a very low percentage of funds.
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Markets across most of Asia ended on a lower note, while Japan's Nikkei was closed for Autumn Equinox.
- Economic data was limited:
- China's HSBC Manufacturing PMI ticked up to 50.5 from 50.2 (expected 50.0)
- Singapore's CPI eased to 0.9% year-over-year (expected 1.2%; previous ... More
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