The Dumbest Public Policies. The Farm Bill Farm Bill 1996 FB: Promised drastic future reduction in Farm aid in exchange for one time payments. 2002 FB.

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Presentation transcript:

The Dumbest Public Policies

The Farm Bill

Farm Bill 1996 FB: Promised drastic future reduction in Farm aid in exchange for one time payments FB expired in September, If no new FB, reverts to permanent 1949 FB Farm Bill contain authorization for Agriculture and Food Stamps Farm Bill (one a one-week extension)

2007 Farm Bill Add (at least) $10 Billion to President’s budget New subsidies for Fruits, Nuts and Vegetables Adds $2 billion for permanent disaster assistance. Crop loans and disaster payments for wheat, corn and soybeans. Market controls for oranges, sugar, hops, and milk

$2.4 billion in tax cuts (timber industry and horse-racing investors) Senate Finance Committee chairmen Baucus receives $83,000 from timber industry. Is that a birbe? "Absolutely not," Baucus aide says. "That's never the case with Max Baucus.“ $5.2 billion in direct payments to farmers (mostly, corn, soybeans, cotton and wheat) Income caps? – Current $2.5 million income limit – Bush: $200,000 limit (saves $1.5 billion per year) – House $1 million ($2 million per family)

The Sugar Subsidy Loan program guarantees sugar producers a set price Import restriction: 15% of the domestic market 42% of sugar program benefits go to just 1% of sugar growers.

Beneficiaries 54% sugar beet production is in Minnesota, Idaho, North Dakota, Michigan and California 46% sugarcane production is in Florida and Louisiana. 17 cane sugar growers get 58% of the benefits (one received $68 million) Corn farmers – as HFCS replaces sugar

Losers $2 Billion cost to US Consumers Sugar-using companies moving to Canada or closing (price per.lb US: 21¢ CA:.9¢ per lb.) – Fannie May (Chicago) closed – Brachs (Chicago) moved to Mexico – Life Savers moved to Canada – Hershey (CA, CO, PA) to Canada Florida Everglades Sugar can producers in third world countries: Haiti, Philippines, Mexico Sugar refiners: 1/3 have closed

Problem: NAFTA and CAFTA Would allow Mexican and Central American sugar imports Proposed Solution: extra $1-per-gallon subsidy to make sugar- based ethanol (on top of the 51¢ subsidy) 100 million gallons per year