2012 Far Bill pases Senate
June 22, 2012 at 1:45 am in Grand Forks Herald
With unified support from Minnesota’s and North Dakota’s delegations, the 2012 Farm Bill passed the Senate on Thursday.
The Senate voted 64-35 in favor of the bill, an action that puts the legislation in the House’s hands. Continue Reading
This farm bill still provides huge income protection for farmers. The government subsidizes about 62 percent of the crop insurance premiums for most major crops. These insurance policies typically guarantee 75 percent to 85 percent of a farmer’s revenue. Crop insurance subsidies will cost taxpayers $9 billion a year.
The only limit on premiums under the new farm bill will be that subsidies for farmers with adjusted gross incomes of more than $750,000 will be reduced.
This is where I disagree with the bill. Crop insurance premium subsidies should phased out at much lower levels. Personally, I would like to see them phased out based on acreage rather than income levels, but that can be debated.
Our current system of premium support only further escalates the continued consolidation of farms and the almost impossible enviroment we have created to allow young farmers to enter the profession.
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