Tags: Ken Langone | Home Depot | SNAP | food stamps

Ken Langone: Food Stamps Program Ripe for Reform

Ken Langone: Food Stamps Program Ripe for Reform
(Dreamstime)

By    |   Friday, 26 May 2017 10:12 AM

Ken Langone, the co-founder of big-box chain Home Depot, said government overspending is ripe for cutbacks, singling out the food stamps program that 43 million people use to buy groceries.

“How do we make sure that food stamps are being used for what they're called, food?” Langone said on Fox Business. “No American should go to bed hungry. No American should starve to death. That's a given. That's part of our culture. That's part of our value system in America. On the other hand, we know what goes on. Hell, people use food stamps to buy marijuana that is illegal or cocaine or whatever the hell else these people use to get high.”

President Donald Trump’s first budget proposal includes cuts to benefit programs such as Medicaid, federal employee pensions, welfare benefits and farm subsidies. The $1.7 trillion in cuts over the next 10 years includes a $193 billion reduction for food stamps, or a 25 percent decrease in funding.

Food stamp funding doubled from $37 billion in 2008, when the U.S. economy started to suffer its worst decline since the Great Depression, to $75 billion in 2012, according to data from the U.S. Bureau of Economic Analysis.

Even as the economy recovered and the Obama administration started touting its record on jobs growth, SNAP funding barely declined to $68.7 billion by 2015.

CNBC’s Ron Insana said Trump’s budget proposal makes harsh cuts to government programs that help the neediest. Insana said he's particularly alarmed at the idea of reduced funding for food stamps.

“When I was around 15 years old, my father lost his business, in which he had invested every cent my family had,” he said in a commentary. “When the business failed, he was forced to declare both professional and personal bankruptcy.”

The financial calamity forced his family to apply for food stamps, which was renamed as the Supplemental Nutrition Assistance Program during the Obama administration.

“The stories of rampant abuse in programs like Medicaid and Food Stamps are entirely overblown,” Insana said. “Numerous studies have found that these programs are lifelines to the poor, the disabled and the elderly. They are barely getting buy when working AND receiving assistance.”

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Ken Langone, the co-founder of big-box chain Home Depot, said government overspending is ripe for cutbacks, singling out the food stamps program that 43 million people use to buy groceries.
Ken Langone, Home Depot, SNAP, food stamps
363
2017-12-26
Friday, 26 May 2017 10:12 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved