Federal Crop Subsidies Went to Billionaires. GAO report finds $117 million went to high-income earners

The Washington Free Beacon reports:

Federal crop insurance subsidies went to billionaires, according to a new report from the Government Accountability Office (GAO).

The U.S. Department of Agriculture’s (USDA) program provides subsidies to cover the crop losses for farmers, regardless of their income. The GAO report, released Wednesday, found that thousands of individuals with incomes over $500,000 have received $317 million in subsidies over five years, and not all were farmers.

“Some of the highest income participants received income from operating large farms, but others received some of their income from nonfarming sources, according to our analysis,” the GAO said. “For example, more than 70 of the crop insurance participants we identified as among the highest income during 1 or more years from 2009 through 2013 were managers or professionals, including attorneys, executives, or physicians.”

The great moments of the rent-seeking society.