What does this headline tell you ?
Wal-Mart: Food Stamp Cuts Hurt Our Profits
For the GOP, this is just added proof that their policies are hurting Americans.
January 31, 2014
Wal-Mart: Food Stamp Cuts Hurt Our Profits
After previously reporting “relatively flat” sales for the quarter, Wal-Mart Stores Inc. now says that sales for its namesake store and its Sam’s Club locations would be “slightly negative” for the November-January quarter
Wal-Mart’s Chief Financial Officer, Charles Holley, blamed the revised forecast on deeper-than-expected cuts to the U.S. Supplemental Nutrition Assistance Program (SNAP) and the extreme cold weather occurring in the past month.
OK … cold weather may delay a trip to spend $1.95 for a twelve-pack of tube socks, but they will eventually sell — the need is still there and as is the cash.
But food stamp cuts do not mean a delay in purchasing … it means that someone is going a little hungrier.
Let us remember that Wal*Mart was impacted by the GOP’s failure to allow a vote to reauthorize expiring SNAP cuts. The Republican-controlled House refused to vote on H.R.3108 – Extend Not Cut SNAP Benefits and as a result on Nov. 1, the federal government cut $5 billion from the SNAP program. This resulted in an average loss of $36 a month for each of the almost 50 million Americans on the program, including many of Wal-Mart’s own employees.
Let us also remember the Forbes story published just after the SNAP cuts went into effect —
Walmart Store Holding Thanksgiving Charity Food Drive — For Its Own Employees!
Maybe, at long last, the blinders will come off when these deniers are forced to come to grips with the fact that Walmart associates are paid so poorly that a store in Canton, Ohio, located in the northeastern part of the state, now holds an annual, Thanksgiving drive to collect canned foods for fellow Walmart employees in need.
the company acknowledges that the average full time, hourly rate is $12.83—and that number includes the salaries of some of the highest paid employees in the averaging such as the CEO who earned $20.7 million last year.
What will happen to WalMart once H. R. 2642 : The Agriculture Reform Act of 2014 kicks in with its $8.6 billion in SNAP cuts ? Look at who voted for those cuts …
Yet, those cuts only came after the House Republicans gave up on their $39 Billon that they advocated when they approved in H.R. 3102 : the Nutrition Reform and Work Opportunity Act of 2013. Look at who voted for those cuts …
The backdrop to the Wal-Mart announcement is another Forbes story :
U.S. GDP Grew 3.2% In The Fourth Quarter 2013
The U.S. economy continued to grow in the fourth quarter thanks to real people and businesses spending more, but no thanks to the federal government.
federal government consumption and investment decreased 12.6% in the fourth quarter. This compares to a 1.5% decrease in the third quarter and is due in part to the 16 day government shutdown at the start of the quarter.
Yeah, the GOPshutdown took GDP growth down … that’s the real story … the 1% lower GDP attributed to the shutdown. If you are happy with 3.2% growth, imagine how good it would have been at 4.2%.
And just like the fact that the cold weather will change, the shutdown is over … the government is back to work (and in case you missed the FOX News report : The Republican-led House passed a bill Saturday to give thousands of furloughed federal workers back pay when the government reopens).
But some others are not … the long-term unemployed.
And thanks to the Republican-controlled House who on January 9th took a vote and unanimously denied a vote to extended emergency unemployment benefits for three months (see H.R. 3824 : Emergency Unemployment Compensation Extension Act.).
And none of these votes would have occurred without John Boehner’s blessing …
This is the new GOP … spread across America … look at how Sean Duffy (R-WI-07), Steve King (R-IA-04), John Kline (R-MN-02), Buck McKeon (R-CA-25), voted …
Wal-Mart’s markets itself as the affordable headquarters of “Roll Back” pricing … well, voters in those districts may be looking to “Roll Back” those legislators and elect Tom Poetter (D-OH-08), Kelly Westland (D-WI-07), Jim Mowrer (D-IA-04), Mike Olbermueller (D-MN-02) and Lee Rogers (D-CA-25) this November.
The issues are clear … just watch the explanation of conservative pundit Stephen Colbert