JP Morgan banking off of Americans on Food Stamps

[Suu]

This is beyond disgusting.

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.

http://theeconomiccollapseblog.com/archives/the-more-americans-that-go-on-food-stamps-the-more-money-jp-morgan-makes

[Ari]

 
investing in the future?

[Bebek Sincap Ratatosk]

 

I wish I were surprised, but I'm not. I think the US is now in a situation where no matter what they do, things will continue to fall apart; Bureaucracy shifting into Aftermath.

One the outside, the article shows a disgusting story. However, its cheaper for a state to have a bank run food stamp debits than to try to run its own debit network. That saves taxes at a time when states are going into the drink. The service is even cheaper if the call center is overseas, again saving on tax costs.

Is it fair? Nope. Is it just? Nope. Is it intentional and evil... probably not.

The US economy was built on a model that no longer exists and no one has a model to replace it. Manufacturing jobs aren't gonna come back... no one is going to pay more to host call centers in the US so service jobs aren't gonna come back. Most people aren't willing to raise taxes so states will continue to go further into the red while trying to save a few bucks by doing things described in this article.

The additional issues of foreclosures, screwing customers out of thousands etc is another matter entirely. Those should at least provide a bump to the lawyer economy