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Eugene

(61,592 posts)
Thu May 30, 2019, 01:13 PM May 2019

Rich farmers, not mom-and-pop farms, will collect most of Trump's tariff bailout

Source: Los Angeles Times

Rich farmers, not mom-and-pop farms, will collect most of Trump’s tariff bailout

By MICHAEL HILTZIK
MAY 28, 2019 | 3:40 PM

The lone valiant farmer struggling to eke an existence from his hardscrabble farm — that’s the image President Trump wants you to think about when contemplating the $28 billion in bailouts he’s 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. He’s 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, he’ll be applying for a piece of the additional $16-billion bailout Trump announced last week.

-snip-


Read more: https://www.latimes.com/business/hiltzik/la-fi-hiltzik-trump-farm-bailout-20190528-story.html
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Rich farmers, not mom-and-pop farms, will collect most of Trump's tariff bailout (Original Post) Eugene May 2019 OP
Of course. sinkingfeeling May 2019 #1
There are more of those huge corporate farms than small family farms anymore. redstatebluegirl May 2019 #2
So true, Wellstone ruled May 2019 #3
What did they think was going to happen ? kacekwl May 2019 #4
All the Agriculture subsidizes are to pay off the rich farmers Farmer-Rick May 2019 #5

redstatebluegirl

(12,264 posts)
2. There are more of those huge corporate farms than small family farms anymore.
Thu May 30, 2019, 01:35 PM
May 2019

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)
3. So true,
Thu May 30, 2019, 02:43 PM
May 2019

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)
4. What did they think was going to happen ?
Thu May 30, 2019, 05:38 PM
May 2019

Didn't they learn anything after the giant tax breaks they got ?

Farmer-Rick

(10,071 posts)
5. All the Agriculture subsidizes are to pay off the rich farmers
Fri May 31, 2019, 10:11 AM
May 2019

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.

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