FreedomWorks
Well-Known Member
the "EBT" card is not just foodstamps, it is also used for cash aid, unemployment, and basically any other state run program. it's cheaper than sending out checks.
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). Source: The Economic Collapse Blog
JP Morgan isn’t the only curator of big bucks from poverty (snippets from the GAI report):
A second major modification to the program was the mandate, included in PRWORA, that all
states transition the distribution of benefits away from paper stamps to electronic benefit transfer
(EBT) cards by October 1, 2002. As it happened, nearly all states hired private companies to manage the distribution of benefits. States undoubtedly did so to comply with the mandate at the lowest cost possible, but as will become clear, this relationship opened the door for cronyism in the EBT services market.