Wall Street Loves the Welfare State

By now, most people should know that under President Obama the number of Americans living on government assistance programs has skyrocketed.  For those who were not previously aware of this, the figures are truly staggering.  There are now a record 46 million Americans on food stamps, a total that has increased by 50% under the president’s first term and represents approximately 1 out of every 7 persons in the country.

In light of this, the question I pose to Obama’s supporters – particularly the Occupy Wall Street types that seem to insist that the president and politicians of his ilk care for the “little guy” – is this: do you have any idea who is disproportionately benefiting the most from these handout policies?  Is it the recipients themselves?  Their children?  No.  The answer to this rhetorical question is – say it with me now – Wall Street!  Even with pseudo-socialism, money never sleeps.

JP Morgan is the largest processor of food stamp benefits in the United States.

The megabank is also contracted to administer child support and unemployment benefits as well, including debit card processing – all at the state’s expense, of course.  This means that as Obama and his supporters disparage Wall Street allegedly in favor of “Main Street,” JP Morgan and its superrich (I thought this made him the bad guy?) CEO Jamie Dimon are raking in record profits directly derived from its government-enabled monopoly (is there any other kind?) of the administration of the modern welfare state.

So, the recap: as the “people’s” champion pushes more and more of his downtrodden into food stamp (and other welfare) programs the largest bank in the United States makes more and more taxpayer-funded profit in that financial area.  President Obama’s welfare statism is directly contributing to Jaime Dimon’s bottom line, who incidentally earned approximately $23 million last year (making him the highest-paid CEO in the country), considerably more than what that evil Mitt Romney earned during the same period but far less than what nice guy (Democrat) Senator John Kerry has at his disposal.  By the way, Senator Kerry, who is probably going to be the president’s choice as the next head of the State Department, is currently the third richest member of Congress.

Who is the real agent of Wall Street and the superrich?

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  1. #1 by Six on November 16, 2012 - 9:08 PM

    This has always driven me nuts. I suppose it’s to be expected, capitalism is where you find it, but I’d like to see a little more free market in the free market.

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