Shortly after 1pm ET, the shares of Dollar General and Dollar Tree tumbled after it was unveiled that President Donald Trump's budget was proposing to effectively abandon food stamps, slashing the program's traditional cash payments and substituting them with packages of "100% American grown food" for recipients. According to Bloomberg, this would represent "one of the biggest shakeups of the US food stamp program in its five decade history."
The reason why deep discount dollar chains were sold off on the news is because they are particularly vulnerable to changes in the food stamp program as they largely cater to less affluent shoppers: according to Gordon Haskett Research Advisors, Dollar General and Dollar Tree have signaled that food stamps account for roughly 5 percent of sales. Shares of Dollar Tree fell as much as 3.7% to $103.68, while Dollar General was down 5% to $93.48, the declines wiping out gains by the two companies in 2018.
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12 comments:
It's about time that the nation embraced actually feeding its needy instead of giving them devices to subvert the effort and make opportunists rich. The FDA has nutritional standards - - food distribution should at least roughly follow those standards.
Woo hoo, no more watching people on SNAP living high on the hog while the rest of us can barely afford 40.00 a week worth of food! No more loaded to the gills shopping carts full of junk food, sodas and steaks and lobsters!
JPMorgan Chase will never allow their "cash cow" to be slain.
Rice, Beans, and water. That's all these leeches should get
Rice, beans, hamburger & chicken wings.
7:09 - wouldn't go that far for everyone on food stamps - but for those that load their pizza/steak/shrimp/lobster/crabs in to the boyfriends blingillac, I would - and throw the boy-friend in jail for leeching of the baby-mommy!
In the old days you ate only after you WORKED.
Period.
We have surplus food of every variety in this country, not just in grocery stores, but from producers' fields to retailers' warehouses and everywhere in between. We have always had the ability to feed every needy person in the nation for pennies per day, but we squander it with politics and giveaways, as if either achieves the goal of providing adequate nutrition.
This can be a new day, a better day. Those who need to be fed should have choices, but one of them should not be to abuse the system. A good leader can make this happen.
Right on 11:05
On WBOC this morning they had someone whining about how this will take away a SNAP recipient's choices. I say they still have a choice, eat what we give you or go hungry! You can make whatever choices you want when you are paying. When I am paying I make the choices.
Still wish anyone receiving free things should have to take random drug testing, before being given anything.
End it then , make them work !!
Most of us have had to Work, and have Never used it Nor
could ever get it anyway !!!
If I have to work , then they should too !!!
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