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In 2011, a record 46 million people - or 1 in 7 Americans -- participated in the Supplemental Nutrition Assistance Program (SNAP), better known as Food Stamps. The increased use of Food Stamps is a huge social and political issue for America, and it's also big business. In 2011, the U.S. government spent $72 billion on Food Stamps.
Among the beneficiaries, food producers such as Cargill, PepsiCo., Coca-Cola and Kraft, as well as retailers like Wal-Mart. Of course, Wall Street gets a cut too, led by JPMorgan Chase, which administers the SNAP benefits in 24 states.
In the accompanying video, I discuss the (big) business of Food Stamps with Marion Nestle, professor of Nutrition, Food Studies, and Public Health at New York University and author of several books, most recently Why Calories Count.
