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New subsidy would protect farmer's shallow crop losses
Lawmakers in farming states are looking to create a new subsidy that would protect farmers when their revenue drops. The unprecedented program could pay billions of dollars to farmers now enjoying record-high crop prices.
It would be free insurance, covering "shallow crop losses'' before those farmers' paid insurance kicks in. The income insurance plan has a diverse group of opponents, though. Environmental groups that have long argued against farm subsidies, conservatives who say the plan won't save the government much and even one of the nation's largest farm groups. The American Farm Bureau Federation says the beefed-up insurance could encourage farmers to make riskier decisions and drive up the price of land. |
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