K Street Food Fight Heads to the House
In a column for Townhall, I discuss the collusion between K Street food lobbyists and Congress. The Senate already passed a farm bill full of special interest handouts and subsidies. The current version of the farm bill ensures that the food industry – unlike any other industry in America – will make near record profits regardless of whether they produce record amounts of crops. And it’s all thanks to the taxpayer:
“Of course, every industry faces economic “headwinds,” and they must plan accordingly. However, when it comes to food, the federal government insures that the money keeps growing, even if the crops don’t.
“For our U.S. Senators, the old systems of subsidies weren’t enough. Their version of the farm bill creates a new shallow-loss insurance scheme known as Agriculture Risk Coverage (ARC) to replace direct subsidies. ARC covers revenue losses and can be purchased on top of already existing taxpayer subsidized crop insurance. The results: a revenue guarantee of up to 90%.
“Can you imagine if taxpayers ensured 90% of the banking industry’s revenue, even during the 2008 financial meltdown? Americans of all political stripes would be apoplectic about such a misuse of taxpayer funds.
“Apparently, farming is the only industry that provides a necessary product.”
You can read the full article here.