Farm Rio: Better To Reform The Crop Insurance 2024

Radhika

Farm Rio Jake From State Farm State Farm Claims

Farm and Food: It is better to reform the crop insurance program rather than expand it. However, that is unlikely.

Farm Rio: Better To Reform The Crop Insurance 2024

Farm RioJake From State Farm State Farm Claims
Farm Rio Jake From State Farm State Farm Claims

 

When Benjamin Franklin, one of the founding fathers, observed, in print no less, that “taxes and death are two inevitable facts of life,” he was almost three centuries ahead of his time.

If Ben had been in the “Almanack” business today, he would have added two more contemporary realities of American life to his list:

the growing reliance of farmers and ranchers on crop insurance and the growing concerns of taxpayers over the rising costs associated with that reliance.

The Government Accountability Office, an impartial watchdog of Congress, released hard data on the current federal crop insurance program’s broad usage, growing expenses, and the final destination of the majority of federal subsidies.

The results stunned taxpayers, who, like nearly every

Outside of America, working farmers and ranchers are unaware of the program’s expansion, features, and expenses.

Farm and Food: House Republicans had an endless 2023. In 2024, anticipate more of the same.

Farm RioJake From State Farm State Farm Claims
Farm Rio Jake From State Farm State Farm Claims

One of crop insurance’s most ardent detractors, the Environmental Working Group, provided an example of how “the top 1% of crop insurance policyholders, farmers with the highest incomes, got over $2.5 billion in premium subsidies in 2022 — an average of almost $500,000 per farm.”

Participants in this federal crop insurance program, or rather revenue insurance program, receive substantial subsidies in addition to policyholders. The insurance providers that the US Department of Agriculture contracted with to administer the program are also reaping enormous profits.

Even worse, Republicans are now abusing the Farm Bill on the House Ag Committee.

delay in favor of an expanded, albeit unreformed, crop insurance program, which opponents claim would give even more subsidies to even wealthier farmers.

For instance, lawmakers are considering increasing subsidies for supplemental, area-based crop insurance policies to encourage growers to purchase higher levels of coverage, which may lessen the need for ad hoc disaster assistance from farm groups, according to Agri Pulse, a reliable source for agricultural news.

Did you notice how every word in that sentence—”boosting subsidies,” “supplemental policies,” and “induce”—is guaranteed to increase costs as opposed to the one cost-saving hope of “potentially reduce ad hoc disaster”?

Jake From State Farm

Farm RioJake From State Farm State Farm Claims
Farm Rio Jake From State Farm State Farm Claims

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More importantly, according to Agri Pulse, “Economists say the expanded In times when prices and input costs are high and farmers are unlikely to receive payments from Price Loss Coverage and Agriculture Risk Coverage, two of the largest crop insurance programs, coverage may be especially helpful to farmers.

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