Economy
Related: About this forumRich farmers, not mom-and-pop farms, will collect most of Trump's tariff bailout
Source: Los Angeles Times
By MICHAEL HILTZIK
MAY 28, 2019 | 3:40 PM
The lone valiant farmer struggling to eke an existence from his hardscrabble farm thats the image President Trump wants you to think about when contemplating the $28 billion in bailouts hes spending to cover farm losses from his trade war.
Think again. The vast majority of the dollars flowing to the agriculture industry via the bailouts is likely to go to farms with annual revenues of several million dollars. Most of them are major beneficiaries of federal crop support programs that steer billions in subsidies and low-priced crop insurance including insurance that already covers some of their losses in the trade war.
Consider one such recipient. Hes Sen. Chuck Grassley, R-Iowa, whose family farm, run mostly by his son Robin and grandson Patrick, collected $1.6 million in government subsidies in 1995-2017, according to a database compiled by the Environmental Working Group. The farm grows corn and soybeans.
The biggest payments will go to the wealthiest farmers, who need them the least.
Grassley applied for a share of the first $12-billion government bailout announced last year. According to his spokesman, hell be applying for a piece of the additional $16-billion bailout Trump announced last week.
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Read more: https://www.latimes.com/business/hiltzik/la-fi-hiltzik-trump-farm-bailout-20190528-story.html
sinkingfeeling
(51,274 posts)redstatebluegirl
(12,264 posts)Lots of them are foreign owned, but have an LLC in the US. Hopefully they won't be able to collect, but I bet they will.
Wellstone ruled
(34,661 posts)and the Wall Street Crowd is into this big time due to Tax Laws. Now that Hedge Funds and other Dark Money Pools are allowed to write Mortgages. This is not going to end pretty.
Last week Barclays announced reenter into the Mortgage Bundling Bond Offerings. What could go wrong with that? Another friggin disaster in looking for a place to happen.
kacekwl
(6,993 posts)Didn't they learn anything after the giant tax breaks they got ?
Farmer-Rick
(10,071 posts)They don't do much for the small farmers. For example you need hundreds of head of sheep to qualify for their feed barn build (they build a feed barn for you).
So of course this was going to go to them too. It's always the rich because the rich control our government thanks to capitalism.