Wednesday, May 21, 2008

Farm Bill Scam

Reason reports on the farm bill:
Since the amount of the subsidy for 2009 is tied to recent record prices, farmers could reap a windfall if prices drop suddenly.

"I don't think many people on the House side who voted for the farm bill realized there were $16 billion in potential higher costs in there," said Deputy Secretary of Agriculture Charles F. Conner. "The budget exposure is tremendous." [...]

The Agriculture Department estimates that subsidy payments to corn farmers alone could reach $10 billion a year if prices -- which have been $5 to $6 a bushel -- were to drop to $3.25 a bushel, a level seen as recently as last year. [...]

Republican Rep. Jeff Flake (Ariz.), a strong critic of the new farm bill, accused House and Senate negotiators of "unbelievable gall."

"I don't think any of us had a clue this was in there. It was simply dropped into the conference report," he said.
It's time to separate farming from state.