President Trump has called on his political rivals to help lift the U.S. government shutdown and allow hard-up folk to get access once again to SNAP food stamp benefits.
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SNAP Decision
It would also give a lift to grocers like Walmart (WMT) which could suffer if SNAP payments are not made.
In a post on Truth Social today, the President came out swinging for customers and against his usual prey of Democrats and former President Biden.
“SNAP BENEFITS, which increased by Billions and Billions of Dollars (MANY FOLD!) during Crooked Joe Biden’s disastrous term in office (Due to the fact that they were haphazardly “handed” to anyone for the asking, as opposed to just those in need, which is the purpose of SNAP!), will be given only when the Radical Left Democrats open up government, which they can easily do, and not before! Thank you for your attention to this matter. President DJ,” the President thundered.
On our Trumpy Trump scale the President was certainly in one of his grumpy moods – see below:
It came as U.S. grocers and food companies including Walmart were said to be getting ready for a dip in November sales if SNAP benefits lapse for the first time during the government shutdown this month.
Millions in Need
The Supplemental Nutrition Assistance Program reportedly serves nearly 42 million people, but neither Congress nor the U.S. Department of Agriculture has acted to fund the benefit.
The gap could mean an $8 billion revenue drop for grocers, declining sales for their suppliers and reduced hours for workers if it means already hard-pressed SNAP recipients have to cut spending.
“It’s not only poor people who are on SNAP who are going to be affected. It means the places where they spend the money aren’t going to get that money,” said Marion Nestle, a professor emerita of health, nutrition and food studies at New York University.
It is understood that nearly 267,000 retailers accept SNAP, with Walmart taking the biggest share of the funds. It has already had to deny social media rumors that it plans to close stores next month as a result of the lapse in payments.
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Is WMT a Good Stock to Buy Now?
On TipRanks, WMT has a Strong Buy consensus based on 29 Buy ratings. Its highest price target is $129. WMT stock’s consensus price target is $115.93, implying a 13.49% upside.
