Well, not exactly, but thanks to Congress, there is now no chance of food prices returning to previous levels in this country. We’ll only see increases.
To his credit, Bush vetoed it, and it’s worth mentioning that McCain opposed it. While I’m not a huge fan of either, at least they tried to help us on this one.
President Bush vetoed the $300 billion farm bill yesterday, and a bipartisan throng in the House promptly voted to override.
Since the last farm bill in 2002, the price of cotton is up 105%, soybeans 164%, corn 169% and wheat 256%. Yet when Mr. Bush proposed the genuine change of limiting farm welfare to those earning less than $200,000 a year, he was laughed out of town. The bill purports to limit subsidies to those earning a mere $750,000, but loopholes and spousal qualifications make it closer to $2.5 million. As Barack Obama likes to say, it’s time Washington worked for “the middle class,” which apparently includes millionaire corn and sugar farmers.
Sugar producers also make out like Beltway bandits, receiving the difference between the world price of sugar, which is now $12 per pound, and the guaranteed price of about $21 per pound. That’s a roughly 75% subsidy for already wealthy cane growers and a nice payoff for the $3 million they contribute to House candidates each year.
This entitlement expansion comes only days after the Congressional Budget Office reported that paying the bills for existing entitlements could require tax rates to climb to 80% in the future.
That’s just a few excerpts, there’s more here if you want to read it.
http://online.wsj.com/article/SB121141471637712559.html?mod=loomia&loomia_si=t0:a31:g2:r1:c0.21466
