The More Americans That Go On Food Stamps The More Money JP Morgan Makes
This article isn’t exactly new, but I hadn’t seen it pop up on LGF pages before. So the next time you hear someone call Obama the “food stamp president” please point out that JP Morgan has a huge financial incentive to keep the economy bad enough for more people to get on food stamps. And it’s probably worth pointing out that the outsourcing of food stamp administration to JP Morgan and other banks happened before Obama took office.
JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money. In the video posted below, JP Morgan executive Christopher Paton admits that this is “a very important business to JP Morgan” and that it is doing very well. Considering the fact that the number of Americans on food stamps has exploded from 26 million in 2007 to 43 million today, one can only imagine how much JP Morgan’s profits in this area have soared. But doesn’t this give JP Morgan an incentive to keep the number of Americans enrolled in the food stamp program as high as possible?