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

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Recently uncovered documents prove that the Obama administration has been working with the Mexican government to increase the number of illegal immigrants on food stamps, and when more illegal immigrants go on food stamps JP Morgan makes more money. As you will read about below, JP Morgan has made at least 560 million dollars processing Electronic Benefits Transfer cards. Each month, JP Morgan makes between $.31 and $2.30 for every single person on food stamps (and that does not even include things like ATM fees, etc).

It has now come out that the U.S. Department of Agriculture has provided the Mexican government with literature that actively encourages illegal immigrants to enroll in food stamps. One flyer contains the following statement in Spanish: "You need not divulge information regarding your immigration status in seeking this benefit for your children." The bold and the underlining are in the original document in case you were wondering. Overall, federal spending on food stamps increased from 18 billion dollars in 2000 to 85 billion dollars in 2012, and at this point one out of every five U.S. households in now enrolled in the food stamp program. When people illegally or fraudulently enroll in the food stamp program, it makes it harder for those that desperately need the help to be able to get it.

I do not know how reliable or factual this article is yet I doubt it is a total fabrication; let each judge for themselves.

QUOTE: A new report by the Government Accountability Institute finds that JP Morgan has made at least $560,492,596 since 2004 processing the Electronic Benefits Transfer (EBT) cards of 18 of the 24 states it has under contract for the food stamp program. END QUOTE

Over the past four years, welfare spending has increased by 32 percent. In inflation-adjusted dollars, spending on those programs has risen by 378 percent over the past 30 years. At this point, more than 100 million Americans are enrolled in at least one welfare program run by the federal government. Once again, these figures do not even include Social Security or Medicare.

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reply to post by 727Sky


Not surprising.

But, I would like to point out. To a bank like JP Morgan, and in relation to the US's ridiculous debt. 560 million over 8 years is not even a drop in the bucket.

I'm not saying that this acceptable at all, or that this isn't proof of the Govt. colluding with the banks, because that's what it is. They are all corrupt greedy scumbags in my opinion.

Arent over 100 million or over 1/3 of the US population already on food stamps?

With alot of undocumented and underreporting for obvious reasons (shame, welfare fraud), I would not be surprised if already 1/2 the population is already on government sanctioned food supply.

Monsanto must love this!

Foodstamps- big agriculture- food distribution contracts- it is a snake eating its tail.

Mexico and America are merging.

Soon it will be one big hellhole.

www.huffingtonpost.com...

For those who are curious... Food Stamps (or SNAP for the actual program name) go out to just under 50 million Americans or a bit under 20%. It's no SMALL number by any stretch of the imagination, of course ...but some of the wild numbers thrown around in media are ..well.. wild.

USDA SNAP Program Participation totals as of April 5 2013

SNAP isn't the program to cut. It really isn't. Not only is it a small thing to look at as one of the first things to hit among entitlements ...It's one of the most directly painful to individual people on a daily basis. Even medi- programs are as needed with people. Everyone eats. Every day. Everyone cut from Food Stamps who isn't rolling in extra cash to make up that difference will simply cut other necessities or, more likely at that level of society right now, learn to go without food to various degrees.

It's just not right when other Entitlement programs are INSANELY more expensive that SNAP is or ever has been, IMO.

As you will read about below, JP Morgan has made at least 560 million dollars processing Electronic Benefits Transfer cards. Each month, JP Morgan makes between $.31 and $2.30 for every single person on food stamps (and that does not even include things like ATM fees, etc).

It's cheaper than physically mailing paper food stamps to households via the bankrupt U.S. Postal Service. This is a clear cut case of the government electing to use the most cost efficient mechanism to deliver food stamp benefits.

The bank is simply the mechanism for delivery.

In fact, while this seems like a huge profit for the bank, in actuality, banks make more money when people are working, the economy is healthy, and businesses are thriving. I can assure you that few banks want more people on food stamps. It's bad business.

Lastly, this particular bank - Chase - is one of the few banks in the country that has one of the most technologically advanced treasury management platform for processing these kinds of electronic transactions. Few banks could compete in this arena. Chase wins awards year after year for its technology compared to its peers.