Bloomberg on September 9 published an in-depth article on the high costs of federal crop
insurance – likely to be increased even more if the House version of a proposed
farm bill gets passed. The article noted that last year the U.S. Department of
Agriculture spent $14 billion insuring farmers against losses due to crop
failure or income. Proposed House legislation would up that to cover so-called
“shallow losses” – that would guarantee up to 90 percent of a farmer’s income.
It’s estimated that U.S. taxpayers fund about 60 percent
of the premiums farmers pay. And there are no caps on those crop insurance
subsidies, which encourages farmers to plant on unproductive land, take higher
risks, and claim losses. The names of the crop insurance recipients are also
not public.
As the Bloomberg article noted:….To Read More…..
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