Trump's food stamp crackdown could wallop Walmart
A million people could lose their SNAP benefits if the Trump administration successfully pushes Congress to renegotiate a $900 billion piece of legislation known as the Farm Bill — and that could be bad news for retailers like Walmart.
The bill, which is set to expire in September, allocates 80% of the funding for SNAP, which is commonly known as the food-stamp program, according to the Wall Street Journal.
The Trump administration is seeking a 20% reduction to spending on SNAP from its current budget of $63 billion. That would shave off nearly $130 billion over a decade and would remove some one million people from food stamps, according to House Democrats. Republicans reportedly plan to impose stricter limits on who is eligible to receive benefits, including introducing more stringent work requirements.
These changes could stymie the funnel of cash that goes from the US Treasury to retailers' bottom lines. US Department of Agriculture data shows that $33 billion of SNAP benefits are spent at big-box stores like Walmart and Target as of 2017. Supermarkets get the lion's share of the rest of the $63 billion yearly budget.
https://www.msn.com/en-us/money/companies/trumps-food-stamp-crackdown-could-wallop-walmart/ar-AAvGbca?li=BBnbfcN
The reverse Midas touch. Everything Trump touches turns to shit.
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