Jul 23, 2019

Trump administration plans to take 3M Americans off food stamps

Agriculture Secretary Sonny Perdue and President Trump. Photo: Olivier Douliery-Pool/Getty Images

U.S. Department of Agriculture (USDA) officials said the Trump administration will propose Tuesday to tighten access to food stamps, cutting about 3.1 million people from the program, Reuters reports.

Details: The proposed changes to the Supplemental Nutrition Assistance Program (SNAP) would limit access to food stamps for households with savings and other assets, with the aim of ending automatic eligibility for those already receiving federal and state assistance, per the Washington Post.

The big picture: Residents in 43 states can automatically become eligible for food stamps via SNAP if they receive benefits from another federal program, the Temporary Assistance for Needy Families (TANF), Reuters notes.

  • USDA officials said they want to require people who receive TANF benefits to pass an income and assets review to determine whether they are eligible for free food from SNAP, according to Reuters.

What they're saying: Agriculture Secretary Sonny Perdue said during a conference call with reporters Monday night that the proposal would "preserve the integrity of the program," according to WashPost. "SNAP should be a temporary safety net," he said.

  • Acting Deputy Undersecretary Brandon Lipps said the plan would result in annual budgetary savings of $2.5 billion and restrict less needy individuals from qualifying for benefits, per WashPost, which notes USDA officials had no specifics on the financial cutoff for their proposal.

The other side: Sen. Debbie Stabenow (D-Mich.), the ranking Democrat on the Senate Agriculture Committee, told WashPost that the proposed SNAP overhaul was an attempt by the Trump administration to bypass Congress, which blocked its earlier attempts to cut food stamps.

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Snapchat snaps back

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Snapchat's parent company has had a bumpy ride through a series of product and corporate setbacks in 2018. But now it's slowly making a comeback.

Why it matters: Snap's story is yet another example of the harsh realities of going public and facing comparisons to expansive rivals—in this case, Facebook. Now that Snap is regaining momentum, investors' enthusiasm for the company's long-term potential is also creeping back.

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Food bought from American farmers to offset trade war pain will go to school cafeterias

Photo: Katherine Frey/The Washington Post via Getty Images

School cafeterias are set to receive free food purchased by the Department of Agriculture to relieve farmers hurt by the U.S-China trade war, the AP reports.

The big picture: The USDA has spent $1.2 billion to buy up food to redistribute to nutrition programs through "trade mitigation" — long part of its practices to help farmers, though usually on a far smaller scale — as part of the $16 billion aid package for farmers hit hard by retaliatory tariffs.

Go deeperArrowAug 12, 2019

Snap stock price up after beating Q2 analyst expectations

Photo: Thomas Trutschel/Photothek via Getty Images

Snap's stock price shot up more than 6% on Tuesday after the company beat analyst expectations, posting $388.02 million in revenue.

By the numbers: The gains surprised investors, as the stock was expected to post at $359.56 million, and $0.06 loss per share (vs. a $0.10 expected loss). Snap also added 13 million new daily active users this quarter.

Go deeperArrowJul 23, 2019