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Despite claims of reform, the $285 billion farm bill will reduce subsidies to very few growers, a coalition of groups trying to defeat the bill said, as reported in The Washington Post.
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Editor's Insight: The farm bill includes a hefty $10.3 billion increase in funding over 10 years for nutrition programs, which is a good thing given the health issues that the food industry must address, but overall, the bill seems very unfair given the rising commodity costs that foodservice operators and consumers alike are being forced to pay.
The Wall Street Journal editorialized against this bill in its lead editorial yesterday under the heading, "Who Wants to Be a Millionaire?" The editorial listed the current price per bushel of farm commodities that will benefit from taxpayer price supports and compared these current prices to their 5-year average. In all five commodities (wheat, corn, barley, soybeans, rice and cotton), the current price strongly exceeds the 5-year average.
The President has promised to veto this bill, as well he should. This is no time for the taxpayer to be subsidizing wealthy farmers. 05-15-08 by Elliot Maras