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 U.S. Securities 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…
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.
According to Stacy Mitchell, senior researcher with the Institute for Local Self-Reliance, the irony of their admission is that Walmart “is the company that has done, perhaps, more than any other corporation to push people into poverty.”