By Daren Bakst, Heritage Foundation Research Fellow in Agricultural Policy
Imagine an industry coming to Congress asking to have taxpayers provide them financial support whenever they aren’t meeting expected revenue targets. It would be laughable. Yet this describes the current farm handout system. President Trump’s budget took an important step to address this extreme cronyism and corporate welfare.
This system, among other things, requires taxpayers to:
- Provide handouts to agricultural producers regardless of whether they have crop losses.
- Pay 62 percent of federal crop insurance premiums for participating farmers.
- Provide even more handouts to farmers through farm commodity programs.
*Originally published in The Hill. Continue reading here.