The Wall Street Journal ran an editorial yesterday Who Wants to be a Millionaire? about the latest farm bill passed with overwhelming support by our Congress. The article includes some fun stuff. Wealthy and successful farmers are prevented from collecting subsidies by a $2.5 million annual income threshold. Sugar is bought by taxpayers at 23 cents per pound and sold to ethanol producers for 3 cents per pound. Landowners who haven’t planted anything for years will get paid subsidies based on their “historical planting average.”
Aside from simply sending checks to farmers, the bill will drive up food prices, so $10 billion is added to the food stamp program.
One wonders if our politicians have failed to notice that we are no longer a rich country…