Latest news with #Bergh
CNBC
08-08-2025
- Business
- CNBC
Trump's 'big beautiful' bill will cut $186 billion from SNAP through 2035—how states might handle the changes
The Supplemental Nutrition Assistance Program helps more than 42 million people afford groceries each month, making it the largest anti-hunger program in the United States. But due to President Donald Trump's tax and spending megabill signed on July 4, that support is set to shrink dramatically, experts say. The "big beautiful" bill will cut about $186 billion from SNAP funding through 2034, according to estimates from the Congressional Budget Office. Cuts to the program and significant cost shifts to states will leave millions of low-income Americans without some or all of the food assistance they need to put meals on the table, says Katie Bergh, senior policy analyst at the Center on Budget and Policy Priorities, a nonpartisan research and policy institute. "For decades, SNAP has been there for low-income families, and as a result, we have largely eliminated severe hunger and malnutrition in this country," Bergh says. "But that's not a guarantee without the support that this program provides to help low-income families afford groceries." Currently, people who get SNAP benefits receive an average of $6.20 per day, distributed through an Electronic Benefit Transfer card that reloads monthly and can be used at authorized grocery stores and retailers. These amounts could decline or reach fewer people under the "big beautiful bill," Bergh says. Some of the changes to the program include: The new budget bill increases the amount of administrative costs states need to cover, and for the first time in the program's history, requires states to foot a portion of the costs for food benefits, too. Those higher costs for SNAP could threaten the future of the program in some states altogether, according to the CBPP. That's because states need to balance their budgets annually, and if a state cannot make up the percentage of SNAP it needs to cover, officials will be left with few options for making adjustments, Bergh says. The percentage of SNAP benefit costs a state will have to cover depends on its SNAP payment error rate. The error rate is the percentage of benefits incorrectly paid out by a state, by giving too much or too little to recipients. If a state's error rate is at or above 6%, it will have to cover 5% to 15% of SNAP benefit costs, determined on a sliding scale. In 2024, the average state error rate was 10.9%, according to a report from the Department of Agriculture. Any state with an error rate above 10% will have to cover 15% of its benefit costs under the "big beautiful" bill. If California has to cover 15% of benefit costs, it will owe $1.8 billion for SNAP funding in 2028, according to estimated projections from Feeding America, a national network of food service programs. Other states could owe hundreds of millions under the cost shift, Bergh says. Here's what could happen if your state can't foot the bill. To continue providing SNAP, some state officials may slash funding in other areas to make room in the budget. That could result in cuts to housing or public safety programs, according to a report from the CBPP. Tax hikes could also be on the table, Bergh says, though changes would vary based on state budgeting. States looking to cut costs may significantly restrict SNAP eligibility to reduce the number of people who qualify for the program, according to the CBPP. That could be done by adding "red tape" that makes it harder for people who are eligible for benefits to access and keep them, Bergh says. She says administrative barriers tend to impact the "most vulnerable people," such as seniors and people with disabilities, as well as working families who lack the time to go back and forth with a SNAP benefits office. In the situation that a state cannot come up with the money to compensate for the federal funding it's lost, state officials may decide it's necessary to cut SNAP entirely, Bergh says. It is not immediately clear how many states are at risk of losing benefits altogether, as error rates fluctuate from year to year and could change significantly before the benefits cost-shift to states goes into effect in October 2027. Because food banks are "already overburdened," Bergh says, "they absolutely cannot fill the hole that losing SNAP would leave in a state." That means millions of low-income families would be left without basic food security if their states lose SNAP altogether, she says. Policy centers and state officials are still awaiting additional guidance from the Department of Agriculture on the steps states need to take to comply with the new provisions and what the timeline for implementing changes will be, Bergh says. Although this is an unprecedented time, SNAP recipients should feel reassured that changes to SNAP aren't going to happen immediately, or all at once, she says. "It is very hard to say at a national level what the impacts in particular states might be," Bergh says. But, "nothing is going to change overnight." As states await updates, it's best for recipients to confirm their contact information is up to date so they don't miss any important notices, per recommendations from state officials.
Yahoo
05-06-2025
- Business
- Yahoo
Levi Strauss Buying Beyond Yoga
Levi Strauss & Co. is going beyond denim. The jeans giant is buying Beyond Yoga, jumping into the premium athleisure market with a quickly growing brand based on body inclusivity. More from WWD Authentic Brands Group Is Buying Dockers for $311 Million Beyoncé and Levi's Reimagine the Brand's Classic Logo for 'Cowboy Carter'-inspired Shirts Beyoncé Knowles-Carter and Levi's Are Back With Chapter Three of Their Collaboration 'This is a really big day for us,' Chip Bergh, chief executive officer, told WWD, unpacking the company's first acquisition of an outside brand during his 10 years at the helm. The Los Angeles-based Beyond Yoga — which was founded in 2005 and makes athleisure wear in sizes from XXS to 4X — brings a new aesthetic and approach to Levi's, but fits squarely into the company's casual sweet spot. 'One of our key strategies is to diversify the business and this casualization trend has definitely been accelerated because of the pandemic — and not just here in the U.S., on a global basis,' Bergh said. 'This further positions us as a company, with a new brand in a new space.' While athleisure is a trend that has been championed and developed by a number of larger brands, especially Lululemon and Athleta, Bergh described the space as 'where the puck is headed' in fashion. The deal, he said, 'puts us into the activewear segment in a really credible way, much faster than if we were going to try to do it on our own from scratch.' Levi's has talked about bringing in an outside brand in a low-key kind of way for years and Bergh described an 'extremely disciplined' approach that demanded a deal that would have a strong strategic rationale, a compelling business case and a good cultural fit. 'Beyond Yoga ticks all the boxes,' he said. The cash deal is expected to close in the fourth quarter. While the price wasn't disclosed, Levi's did pull back the curtain on Beyond Yoga's financials a little. The brand is expected to add more than $100 million in sales to Levi's next year and be 'immediately accretive to gross margins.' Beyond Yoga more than doubled its revenues over the past three years while also boosting its profitability. Seventy-seven percent of the brand's sales are done through the web — the company's own site and through wholesale partners — and it has no stores. Retail is an opportunity Levi's can help Beyond Yoga jump into with both feet. Cofounder Michelle Wahler, who will continue to lead Beyond Yoga as CEO and report to Bergh, is looking forward to a Levi's boost. 'We know they're going to be able to help us,' Wahler said. 'They have intellectual capital. They'll have capital. They'll have the ability to help us expand into different markets. They're going to help us with the expansion [into] men's.' Athleisure might be a crowded market, but clearly Beyond Yoga is going to be a brand to watch even more closely. 'It's a competitive space, but we have always been very heads down and focused and we're authentic and values-led and I think that really resonates with the customer,' Wahler said. Jodi Guber Brufsky, founder and chief creative officer, added in a statement: 'I have always had one goal: to make women feel good in their bodies. Beyond Yoga was created with this mission in mind, and it has served as the touchstone of the company. It was important to me that when the time came, the company would move into the hands of someone whose values matched ours. We are so excited about this partnership and look forward to a successful future.' Harmit Singh, Levi's chief financial officer, said Beyond Yoga was going to operate as an independent division, a setup the company is going to use for its Dockers brand as well. 'They're empowered to run this the way they've run [it],' Singh said. 'I think that sets up a great business model for us as a company.' Having Beyond Yoga onboard will also bring some additional outside energy into Levi's. As Singh said, 'innovation and entrepreneurship — bring it.' The top fashion companies have generally sought to make an opportunity out of the pandemic's many disruptions, trimming and reworking operations, selling off side businesses and doubling down on digital capabilities. At Levi's, Bergh's efforts to power through — and eventually out — of the pandemic with a stronger company seem to be driving results. The denim maker's second-quarter profits of $65 million showed a massive bounce back from the lockdown losses of $364 million a year earlier. Sales increased 156 percent to $1.3 billion. The rebound is helped by a consumer recovery and market trends that the CEO sees as meshing well with the company's casual comfort zone. With Thursday's surprise deal, Levi's is joining a growing number of companies that are taking their pandemic evolution a step further by bringing in a new business. VF Corp. kicked the buying spree off last year, acquiring streetwear leader Supreme in a $2.1 billion-plus deal. But the trend has been heating up lately. Just this week, Wolverine World Wide agreed to buy Sweaty Betty for $410 million and Foot Locker Inc. cut two deals, agreeing to spend $1.1 billion to buy sneakerhead mainstay Atmos in Japan and the WSS chain targeting the Latine market in the U.S. The flurry of acquisitions accompanies a rush of initial public offerings on Wall Street — including the pending introductions of Authentic Brands Group, Rent the Runway, Warby Parker and more. Set that against the spate of bankruptcies last year that saw J.C. Penney Co. Inc., J. Crew Inc., Neiman Marcus Group, Brooks Brothers and others succumb to their creditors, and it's clear the fashion industry is in the midst of a major reinvention. And that is its own kind of disruption — another opportunity that Bergh and Levi's are going for, with the help of Beyond Yoga. More from WWD: Ralph Lauren Going on the Offensive Vans and Supreme Power VF Corp. Gains in Quarter Revolve Rallies Through Pandemic With 122 Percent Profit Gain Best of WWD Harvey Nichols Sees Sales Dip, Losses Widen in Year Marred by Closures Nike Logs $1.3 Billion Profit, But Supply Chain Issues Persist Zegna Shares Start Trading on New York Stock Exchange
Yahoo
11-03-2025
- Politics
- Yahoo
Jens Stoltenberg's shock return to Norway politics upends polls before election
By Gwladys Fouche OSLO (Reuters) - After Jens Stoltenberg answered questions in a routine session in Norway's parliament, the buzz outside the chamber was anything but normal. A class of visiting teenagers pointed excitedly at him. A cleaner stopped her rounds to take a photo. One of Norway's most recognisable figures internationally and often known just by his first name at home, Stoltenberg's impact on politics has been immediate since returning to the domestic sphere after leading the NATO alliance for a decade. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. His Labour party gained 10 points in opinion polls within days of his appointment as finance minister on February 4, meaning it could end up winning the country's election in September, an unthinkable prospect only weeks ago with voters disgruntled at the rising cost of living. The 65-year-old Oslo native was prime minister in 2000-2001 and 2005-2013. He says he does not seek the premiership again, currently held by his close friend and ally Jonas Gahr Stoere. Norwegian media has dubbed his return "Stoltenback". "I do think there is a Stoltenberg effect," said Johannes Bergh, head of the national election studies programme at the Oslo-based Institute for Social Research. "The reason why he's so popular, and almost revered now, is probably both because of the way he handled the terrorist attacks in 2011, when he was prime minister ... He has earned a lot of respect for that," he said. Stoltenberg led the nation in grief after far-right fanatic Anders Behring Breivik killed 77 people in twin attacks in Oslo and Utoeya - the worst acts of violence in Norway since World War Two. Bergh also pointed to Stoltenberg's leadership of NATO during the war in Ukraine and Donald Trump's first term as U.S. president. At NATO, he was nicknamed the "Trump whisperer" for his ability to convince Trump to stick with the alliance after he complained allies were spending too little on defence and threatened to pull out. 'NICE TO BE BACK' He handed over the reins as NATO secretary general in October, to former Dutch prime minister Mark Rutte, before Trump won November's U.S. election to secure a second term. Stoltenberg's appointment stunned the country as he had said after leaving NATO he was not returning to politics. Giddy Labour politicians posted social media reactions such as "Daddy is Home!" and "Jens we can" alongside pictures of themselves with him. His return coincided with the exit from the government in late January of the eurosceptic Centre Party, which had limited Labour's margin of manoeuvre. Bergh said that had contributed to the party's surge in the polls. "Their credibility as a governing party had suffered quite a bit. Now they are taking it back," Bergh said. Policy-wise, should Labour win in September, there would be an emphasis on continuing oil and gas exploration and a focus on close cooperation with the EU. Norway is not a member of the bloc but is part of the European common market. It would also be a rare example of an incumbent, non-populist, government getting re-elected worldwide. The man himself is relishing his return to the political fray. "It is very nice to be back in parliament," Stoltenberg told Reuters after speaking in the chamber. "Taking part in question time still feels a little unusual. It is my second time now, but I have managed to do it so far without making a formal mistake." One difference he notes after his time abroad is that Norway's politics is less polarised. "We are having proper debates, with real political disagreements, but our tone is more conciliatory, less polarised and less hateful as it is in other countries," he said. "It does not come automatically. We as politicians must show respect for one another ... We must take care of that."
Reuters
11-03-2025
- Politics
- Reuters
Jens Stoltenberg's shock return to Norway politics upends polls before election
Summary Appointment as finance minister, dubbed "Stoltenback", was surprise Labour party surges 10 points in polls ahead of September vote "Jens" popular for response to 2011 Breivik attacks, NATO role OSLO, March 11 (Reuters) - After Jens Stoltenberg answered questions in a routine session in Norway's parliament, the buzz outside the chamber was anything but normal. A class of visiting teenagers pointed excitedly at him. A cleaner stopped her rounds to take a photo. One of Norway's most recognisable figures internationally and often known just by his first name at home, Stoltenberg's impact on politics has been immediate since returning to the domestic sphere after leading the NATO alliance for a decade. His Labour party gained 10 points in opinion polls within days of his appointment as finance minister on February 4, meaning it could end up winning the country's election in September, an unthinkable prospect only weeks ago with voters disgruntled at the rising cost of living. The 65-year-old Oslo native was prime minister in 2000-2001 and 2005-2013. He says he does not seek the premiership again, currently held by his close friend and ally Jonas Gahr Stoere. Norwegian media has dubbed his return "Stoltenback". "I do think there is a Stoltenberg effect," said Johannes Bergh, head of the national election studies programme at the Oslo-based Institute for Social Research. "The reason why he's so popular, and almost revered now, is probably both because of the way he handled the terrorist attacks in 2011, when he was prime minister ... He has earned a lot of respect for that," he said. Stoltenberg led the nation in grief after far-right fanatic Anders Behring Breivik killed 77 people in twin attacks in Oslo and Utoeya - the worst acts of violence in Norway since World War Two. Bergh also pointed to Stoltenberg's leadership of NATO during the war in Ukraine and Donald Trump's first term as U.S. president. At NATO, he was nicknamed the " Trump whisperer" for his ability to convince Trump to stick with the alliance after he complained allies were spending too little on defence and threatened to pull out. 'NICE TO BE BACK' He handed over the reins as NATO secretary general in October, to former Dutch prime minister Mark Rutte, before Trump won November's U.S. election to secure a second term. Stoltenberg's appointment stunned the country as he had said after leaving NATO he was not returning to politics. Giddy Labour politicians posted social media reactions such as "Daddy is Home!" and "Jens we can" alongside pictures of themselves with him. His return coincided with the exit from the government in late January of the eurosceptic Centre Party, which had limited Labour's margin of manoeuvre. Bergh said that had contributed to the party's surge in the polls. "Their credibility as a governing party had suffered quite a bit. Now they are taking it back," Bergh said. Policy-wise, should Labour win in September, there would be an emphasis on continuing oil and gas exploration and a focus on close cooperation with the EU. Norway is not a member of the bloc but is part of the European common market. It would also be a rare example of an incumbent, non-populist, government getting re-elected worldwide. The man himself is relishing his return to the political fray. "It is very nice to be back in parliament," Stoltenberg told Reuters after speaking in the chamber. "Taking part in question time still feels a little unusual. It is my second time now, but I have managed to do it so far without making a formal mistake." One difference he notes after his time abroad is that Norway's politics is less polarised. "We are having proper debates, with real political disagreements, but our tone is more conciliatory, less polarised and less hateful as it is in other countries," he said. "It does not come automatically. We as politicians must show respect for one another ... We must take care of that."
