Boondoggle: Fixing the 2012 Farm Bill - New Website & Experts Available
Henry Olsen, Vincent H. Smith
September 06, 2012

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When Congress returns from its August recess, one of the first items it will take up is the 2012 farm bill, which proposes to spend almost $ 1 trillion over the next decade.

Over the past year, American Enterprise Institute (AEI) experts led by scholars Vince Smith and Henry Olsen have examined the farm bill and have authored numerous research papers and articles which explain that by eliminating some programs and restructuring others, taxpayers could save over $100 billion over the next 10 years without affecting the security of the US food supply chain.

Today AEI is launching www.AmericanBoondoggle.com, a one-stop shop for AEI research on the farm bill. Bringing together research papers, interactive maps, and a new two-minute video, the site explains why reform is necessary and charts a comprehensive path forward.

  • Fact: 80% of farm subsidies go to only 15% of farmers, most of whom are wealthier and more secure than the average American. (2010 farm household net worth: $576,745—up from $534,727 in 2007; 2010 media household net worth: $77,000—down from $126,400 in 2007)
  • Fact: Average crop insurance policy is subsidized $3,591 by taxpayers. Americans do not expect their neighbors to pay for the auto insurance, why should taxpayers pay for their neighbor’s crop insurance?
  • Fact: Americans pay $147 million per year to Brazilian cotton producers, so we can continue to subsidize American cotton producers. To avoid trade sanctions for subsidizing US cotton farmers in violation of WTO commitments, the US government also subsidizes Brazilian cotton producers.

These startling examples are indicative of a broader fact: the farm bill is unfair and in need of reform. Visit www.AmericanBoondoggle.com to learn more.

Interviews:
AEI experts are available for interviews on reforming the 2012 farm bill. Please contact Jesse Blumenthal (jesse@aei.org / 202.862.4870) for more information.

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About the Author

 

Henry
Olsen
  • Henry Olsen, a lawyer by training, is the director of AEI's National Research Initiative. In that capacity, he identifies leading academics and public intellectuals who work in an aspect of domestic public policy and recruits them to visit or write for AEI. Mr. Olsen studies and writes about the policy and political implications of long-term trends in social, economic, and political thought.
  • Phone: 202-828-6024
    Email: holsen@aei.org

  • Assistant Info

    Name: Bradley Wassink
    Phone: 202-862-7197
    Email: brad.wassink@aei.org
Show More | See Full Profile

 

Vincent H.
Smith
  • Vincent H. Smith is Professor of Economics in the Department of Agricultural Economics and Economics at Montana State University and co-director of MSU’s Agricultural Marketing Policy Center. He received his Ph.D. from North Carolina State University in 1987 and his bachelor’s and master’s degrees from the University of Manchester in 1970 and 1971. Dr. Smith’s current research program examines agricultural trade and domestic policy issues, with a particular focus on agricultural insurance, agricultural science policy, domestic and world commodity markets, risk management, and agricultural trade policy. He has authored nine books and monographs and published over 100 articles on agricultural and other policy and economic issues. His work has been recognized nationally through multiple national awards for outstanding research programs. In 2008, he became a Distinguished Scholar of the Western Agricultural Economics Association. Currently he is a Visiting AEI Scholar and co-director of AEI’s agricultural policy initiative. Dr. Smith is married and he and his wife, Laura, have two children, Karen and Meredith.
  • Email: uaevs@montana.edu

  • Assistant Info

    Name: Brad Wassink
    Phone: 202-862-7197
    Email: brad.wassink@aei.org
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