"Politicks are now nothing more than means of rising in the world. With this sole view do men engage in politicks, and their whole conduct proceeds upon it."
Dr. Samuel Johnson (1791)
A few weeks ago with little fanfare and almost negative column inches the US Senate approved an extension of the Farm Bill with minor cuts. Despite the horrendous weather conditions in the plains states (i.e Corn Belt) and the failing harvest, the proposed extension of the Farm Bill will include a lavish provision for crop insurance programs that will protect farmers against both natural disaster and market fluctuations. Recently spin doctors in the media have ominously foretold that the price of diary and meat will to go through the roof in the last quarter of the year.
That hits all of US consumers hard in the wallet as we attempt to buy those government subsidized groceries. It's apparent that the Farm Bill of 2008 needs to be meaningfully overhauled AGAIN. However, when the US House of Representatives finally gets around to drafting their version it is likely to be a near carbon copy of the Senate's bill. The extension is slated to dole out about $96 billion a year to subsidies on “specialty crops” (read: primarily corn and soy) about $50 billion which will be in direct payments to mostly large agribusinesses.