May 29, 2004

Farm Corporate subsidies

We already know about the huge subsidies going to the pharmaceutical industry, thanks to that (other) Bush administration fiasco known as the Medicare prescription drug benefit.

Corporate welfare, however, is ubiquitous. It has been blessed by both political parties. Farm subsidies are possibly the worst form of corporate welfare, because most people think the subsidies go to family farmers and not to corporations and wealthy individuals. Think again.

Lawmakers, summoning outdated stereotypes, assert that farm subsidies are needed to prevent the bankruptcy of millions of family farmers, who perform backbreaking labor for poverty incomes. Yet farming in 2004 is a stable, profitable industry dominated by large agribusinesses using 21st-century technology. The typical farm household reports an income 17 percent above the national median and a net worth of more than $500,000 -- despite living in rural areas with lower costs of living.

Go read this fascinating (and very short) article from that bastion of liberalism called the Heritage Foundation.

Posted by Carey at May 29, 2004 10:53 PM
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