media girl

Capturing bits & pieces on media, politics, culture & daily life

Posts tagged hmm

126 notes

The More Americans That Go On Food Stamps The More Money JP Morgan Makes

think4yourself:

savagemike:

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 a video, 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. 

It’s things like this that make me very wary of any sort of privatization of functions usually performed by our government. When a company has a direct vested interest in keeping people down (whether it’s privatization of food stamps or prisons), it seems to me to be ripe for abuse and corruption. As I’ve said before, not everything should make a profit.

interesting

(Source: abbyjean)

Filed under food stamps economics JP Morgan poverty hmm interesting