‘Wasted’ spending

Republicans have been pushing to cut food stamps (SNAP), here’s why:

A temporary increase in food stamps expires Oct. 31, meaning for millions of Americans, the benefits that help put food on the table will not stretch as far as they have for the past four years.

But the stimulus was never intended to be a permanent source of money, former US senator Judd Gregg of New Hampshire said. He opposed the stimulus, calling it at the time ‘‘a great deal of money not well spent.’’

‘‘All stimulus funding was to be temporary,’’ Gregg, now the chief executive of a banking industry group, said Wednesday.

John Cochrane, a professor of finance at the University of Chicago’s Booth School of Business, also opposed the stimulus, saying it advanced the false assumption that ‘‘completely wasted federal spending helps the economy.’’

He said worries about people who need help were a legitimate concern but that food stamps create a disincentive to move to find a better job because recipients are worried they’ll lose the benefit.

‘‘At some point,’’ he said, ‘‘you have to be a little bit heartless.’’

Think about this. Gregg is saying that helping people to buy food is “money not well spent” and Cochrane thinks it is completely wasted.  Cochrane goes on to say that ‘‘you have to be a little bit heartless.’’ Well, he’s got that part down perfectly.

1 Comment (+add yours?)

  1. Bruce Thiesen
    Oct 12, 2013 @ 12:16:22

    I agree with your tally – two are absolutely wrong and this guy from Chicago closed the gap by one. Thanks for writing about SNAP – I have written about the battle to cut spending over at Ram On.

    Reply

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