Farmers May Reap Subsidy Boom on Record Crops

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Every time we post a story on crop subsidies there are at least a few people out there who jump up and down and swear that taxpayers paying to subsidize farmers (really agribusiness) isn’t welfare.

It’s welfare.

(From Bloomberg.com)

A record U.S. harvest has pushed crop prices so low that taxpayers may pay billions of dollars more to subsidize farmers than anticipated just months ago, thanks in part to changes Congress approved this year.

Lawmakers passed a five-year farm law in February and hailed its projected savings in subsidies of $14 billion over a decade. The forecast was based on farmers getting paid more for their crops. Instead, prices have fallen and may trigger subsidies the law aimed to reduce.

“This was a bill based on false premises of fake savings,” said Josh Sewell, a policy analyst withTaxpayers for Common Sense in Washington. “The prices Congress used to calculate the bill’s cost were divorced from reality.”

Click here for the article.

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