Thursday, May 15, 2008

Millionaire corn farmers of the world, unite!

For all the farmer couples out there earning earning $2 million a year, never fear: you're still getting your subsidies! In case there was any doubt, the latest incarnation of the farm bill passed the Senate with flying colors (only fifteen senators had the common sense to vote against it). Though Bush promised to veto the bill (a rare moment of sanity), the point is moot, given that the bill passed both the House and Senate with enough votes to override a veto.

And how do the presidential candidates compare on this issue? The SF Gate has no love for Obama on the issue:

Democratic presidential contender Sen. Barack Obama of Illinois, who has based his campaign on a promise to end special-interest politics in Washington, issued a statement praising the farm bill, which is laden with special-interest subsidies. Obama said the bill will "provide America's hard-working farmers and ranchers with more support and more predictability."

The incredibly irrelevant Hilary Clinton had the gall to chide McCain for his opposition to the bill. Though McCain is admittedly bad on economics, he took the high road and voted against this bill (from Time: "For now, we need to put an end to flawed government policies that distort the markets, artificially raise prices for consumers, and pit producers against consumers. We’ve once again failed farmers in that regard, which is why I oppose this bill.").

In addition to the absurd economic distortions and general government waste in the bill, the soon-to-be law is guaranteed to piss off the world and hamper the Doha round of trade liberalization.

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