Harvest Of Shame
I don’t claim to be knowledgeable about farm economics. I came across this article by the Editorial Board at IBD and I thought it was worth discussing. If the figures quoted in the article are accurate, then this truly is a Harvest of Shame.
~~John Cronin~~
http://www.ibdeditorials.com/IBDArticles.aspx?id=295659764109246
By INVESTOR’S BUSINESS DAILY | Posted Wednesday, May 14, 2008 4:20 PM PT
Agriculture: The subsidy-stuffed farm bill just passed by Congress is a monster that will leave us with less food at higher prices. The president should veto it right away and force this foolish Congress to override him.
Today’s farmer has an average income of just under $90,000, compared with income of about $50,000 for other Americans. Here we’re in an unprecedented farm boom, yet we’ve been led to think we’re bailing out farm families suffering from Depression-era economic conditions.
In fact, the average farm subsidy recipient has $200,000 in income and a net worth of about $2 million. The top 10% of farm earners take in 75% of the subsidies. Put bluntly, Congress’ farm bill subsidizes millionaires and lets you pick up the tab.
May 16th, 2008 at 6:38 am
It has always seemed ironic to me that the federal government forced the tobacco industry to put warning signs on cigarette packages warning of cancer, sued Phillip Morris, but yet subsidies that same industry $530,000,000 from 1995-2005.
http://mikeroeconomics.blogspot.com/2008/04/tobacco-subsidies.html
Is this another area where the government should let the free market play out?
May 17th, 2008 at 12:34 am
I know one farmer who only makes about $30,00/yr with no government assistance other than reduced taxes because of usage. Each case is likely different. - P
May 20th, 2008 at 4:30 pm
Peter Combes wrote: “I know one farmer who only makes about $30,00/yr with no government assistance other than reduced taxes because of usage. Each case is likely different. - P”
Peter, you also know a dumb farmer.
Andrew