President Bush is Right

Andrew Roth - March 13th, 2008

President Bush Right to Threaten Veto of Farm Bill

Washington &mdash The Club for Growth commends President Bush for a taking a strong stand in favor of serious reform of the nation’s farm subsidy program.

In a statement today, President Bush agreed to sign legislation to extend current farm programs until April 18, 2008, but threatened to veto any final bill that does not include serious subsidy reform and does not eliminate all tax increases.

With the farm economy booming and the current Farm Bill doling out excessive subsidies to wealthy farmers and the occasional non-farmer, now would be the perfect time to phase out this misguided program entirely. At a minimum, the President should not accept anything less than true reform. These include, but are not limited to:

  • No subsidies should be granted to families with incomes above $200,000
  • Limit the total subsidy payment to eligible farmers to $250,000 with absolutely no loopholes. This provision received 56 votes on the Senate floor, but required 60 to pass.
  • Lower the commission rate for government-subsidized crop insurance agents and companies
  • Eliminate all tax increases from the Farm Bill

“The Farm Bill is nothing more than a program that redistributes income from taxpayers to often wealthy farmers,” said Club for Growth President Pat Toomey. “It distorts the agricultural economy and rewards special interests on the backs of American taxpayers. President Bush was right to issue a veto threat of anything less than true reform. After years of wasting taxpayers’ money on outrageous subsidy payments, it is time for Congress to enact serious changes to the Farm Bill.”