Walmart Admits that its Business Model Requires Employees to Depend on Food Stamps (xpost Poverty)

[unhappycamper]

http://www.juancole.com/2014/03/business-requires-employees.html

Critics cite irony of annual report filing: ‘This is a company that everywhere it goes it creates poverty’

Walmart Admits that its Business Model Requires Employees to Depend on Food Stamps
By Juan Cole | Mar. 31, 2014
(By Lauren McCauley)

[ Walmart employees are known to be among biggest Medicaid and Food Stamp recipients in over half of the states. - JRIC]

Although a notorious recipient of "corporate welfare," Walmart has now admitted that their massive profits also depend on the funding of food stamps and other public assistance programs.

In their annual report, filed with the Security and Exchange Commission last week, the retail giant lists factors that could potentially harm future profitability. Listed among items such as "economic conditions" and "consumer confidence," the company writes that changes in taxpayer-funded public assistance programs are also a major threat to their bottom line.

~snip~

Walmart, the nation's largest private employer, is notorious for paying poverty wages and coaching employees to take advantage of social programs. In many states, Walmart employees are the largest group of Medicaid recipients.

However, this report is the first public acknowledgement of the chain's reliance on the funding of these programs to sustain a profit.


--

Consumer Reports did an article this month rating grocery stores in the US - guess who came in dead last?

Walmart Superstores.