January 24, 2007
DO DEMOCRATS HATE BIG [CORN] OIL TOO?:
Ethanol Boom Helps Cut $31 Billion From Farm Subsidies (NewsMax.com, Jan. 24, 2007)
The fuel ethanol boom and high crop prices will cut U.S. farm subsidy spending by $31 billion through 2016, a dramatic drop in the cost of the farm program, the Congressional Budget Office said on Wednesday.In a semiannual report, CBO estimated farm subsidies would cost $10 billion this year and the annual cost "will range between $8 billion and $10 billion over the next decade."
What shall we do with the surplus? Posted by Orrin Judd at January 24, 2007 5:32 PM
This isn't a "saving", it's an accounting entry.
Debit Welfare for Farmers
Credit Welfare for ADM
Report only half the entry, spend $31 billion on Bridges to Nowhere.
Posted by: Bruno at January 24, 2007 6:00 PMNo, it's defense spending.
Posted by: oj at January 24, 2007 6:19 PMSurplus? Won't go back to your pocket. It will be used to subsidize cattle ranchers who have to pay a higher price to feed their cattle. Btw, Ted Turner is taking millions of subsidy either as a farmer or as a rancher.
Posted by: ic at January 24, 2007 7:12 PMSome of that unspent subsidy money can go to developing a combustion engine that actually isn't damaged by ethanol.
Posted by: John J. Coupal at January 24, 2007 8:31 PMJohn:
No, we don't want to pick technologies--we'll get it wrong. Just make gas so expensive that innovation is economically feasible.
Posted by: oj at January 24, 2007 8:52 PMOJ: decrease income taxes by the same amount at the same time and you've got a deal.
Posted by: PapayaSF at January 25, 2007 1:45 AMOf course. Bushenomics is predicated on replacing income taxes with consumption taxes.
Posted by: oj at January 25, 2007 8:37 AM