Farm Subsidies Going To The Wealthy?

CBS News reports:

Each year, taxpayers fork over about $20 billion in farm subsidies to help keep America's farms up and running. But over the years, more and more of the payments have gone to Fortune 500 companies, the wealthy - and even members of Congress, CBS News correspondent Sharyl Attkisson reports.

Ken Cook, who researches the issue, says it makes about as much sense as putting a milk bucket under a bull.

“The big farms get most of the money. Ten percent of the beneficiaries get over 70 percent of the payments, because the bigger your farm, the more money you get,” said Cook, who is president of the Environmental Working Group.

At their best, farm subsidies help American farmers who do well some years, but would go out of business other years when crops don't grow or prices are weak.

But just look at the number of beneficiaries who live - of all places - in New York City. They’re often people who've bought or inherited land that qualifies for subsidies, though they live in high-rent city homes.

Even New York billionaire Edgar Bronfman Sr. receives farm subsidies. Even the members of Congress who vote on farm subsidies and earn $165,200 government salaries can get payments. A dozen of them or their close family have gotten a total of $6.2 million dollars over 10 years.

Rent-seeking for fun and profit.