The House farm bill would spend more than Obama on the most expensive farm program. Yes, you read that right.
President Obama hasn’t all of a sudden become a fiscal conservative, but even he evidently recognizes how out of hand the crop insurance program has become. When it comes to this most expensive farm program, President Obama’s plan would spend less than the House farm bill.
When the House bill is to the left of Obama on the most expensive farm program, what does that say about the House farm bill?
Taxpayer-subsidized crop insurance costs are skyrocketing. From 2000 to 2006, crop insurance costs averaged $3.1 billion annually. The Congressional Budget Office has projected the costs will average about $9 billion annually from 2013-2022. That’s nearly triple the cost.
The rational response would be to take action that would reduce these costs. This unfortunately presumes that there’s anything rational about the House farm bill. While President Obama’s budget is projected to reduce crop insurance costs by $11.7 billion from 2014-2023, the House farm bill is projected to increase the costs by $8.9 billion during that same time.
Yes, fact is stranger than fiction—and a whole lot more expensive.