(Besides, I want us all to be rich some day and the more hurdles we throw up the less likely that happenstance will occur.)
That having been said, I ask: Do We The People really need to be providing insurance designed to protect the rich against future losses of income? Really?
The Farm Bill’s secret handout to big corporate farmsGimme that again?
By Romina Boccia, The Washington Times
American taxpayers should be outraged by a key detail in the farm bill being debated in Congress. Lawmakers are setting the course of the nation’s agriculture policy for the next five years, and they’re keeping the recipients of one of the biggest farm handouts a secret.
At issue: Crop insurance premium subsidies. They cost taxpayers $7.4 billion in 2011 alone. They cover, on average, 62 cents on every dollar of eligible insurance purchased. Farmers may insure up to 85 percent of their crops against damage. This lavish subsidy encourages farmers to over-insure and take excessive risks at taxpayers’ expense.
In fact, when disaster strikes and crop prices rise as a result, those farmers whose policies are linked to the price of their crops at harvest time profit even more from higher insurance payments than if they had sold their crops in markets absent a disaster.
Some of America’s largest agricultural corporations benefit the most from this handout. Premium subsidies are not subject to means tests or payment limits. Coupled with the trend toward fewer but larger farms, this has resulted in the bulk of subsidies going toward some of America’s most profitable farm businesses.
The Environmental Working Group found that the top fifth of farm recipients collected almost 80 percent of all crop insurance premium subsidies. Among these, 26 farm businesses received more than $1 million each in 2011. [link]
"The top fifth of farm recipients collected almost 80 percent of all crop insurance premium subsidies. Among these, 26 farm businesses received more than $1 million each in 2011."
Why was risk taken away from the wealthy and put on our shoulders? Why did we have to cover losses incurred by wealthy corporations, losses that we can't afford to cover?
And why do so many Republicans sign onto this travesty year after year?
I have to be honest, I hear the words "farm bill" and I shudder. It's Washington at its worst. And it needs to stop.
Let the rich risk their wealth, not mine.