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February 08, 2005

The Rich and Farm Subsidies

Interesting to see who benefits from farm subsidies.
David Rockefeller, the former chairman of Chase Manhattan and grandson of oil tycoon John D. Rockefeller, who received 99 times more subsidies than the median farmer; Scottie Pippen, professional basketball star, who received 39 times more subsidies than the median farmer; Ted Turner, the 25th wealthiest man in America, who received 38 times more subsidies than the median farmer; and Kenneth Lay, the ousted Enron CEO and multi-millionaire, who received 3 times more subsidies than the median farmer.
I think Bush is doing the right thing by going after farm subsidies. They distort the marketplace and really just help a small group of people who don't need the help. However, this is such an entrenched subsidy that Bush will actually have to work to push this through. Its one thing to propose these cuts - its another to expend political capital on it. I think he's got political capital to spare, but my guess is that social security reform is more important and when push comes to shove, this is being used as a bargaining chip in the larger ss fight.

02:48 PM in Current Affairs | Permalink


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