An estimated 31 million Americans have now been thrown off what’s been called “the hunger cliff.”
Those drastic cuts have food banks bracing for impact, and some grocery executives celebrating. On a late February earnings call of Grocery Outlet, a discount supermarket chain that relies on SNAP for a high percentage of its sales, the company’s chief financial officer cheered the coming reductions. “In many ways,” he told investors, it “is good for our model as those benefits decline.”
“It does put more pressure on those consumers, and they come to us to stretch their dollar,” he said of the impending cuts.