The Environmental Working Group released a study on May 1, 2013, stating the crop insurance program proved too costly for crop year 2012, for which there have been more than $17 billion paid in indemnities.
According to the press release sent out by EWG last week,” the study, by agricultural economist Bruce Babcock of Iowa State University, has concluded that during last year’s drought, crop insurance payouts will exceed $16 billion, almost 50 percent more than 2011.”
“Crop insurance as it is currently structured and marketed is a bloated, taxpayer-funded income support program that in many cases allows growers, particularly the industrial-scale operations that have been enjoying record profits, to make more money from insurance payouts than they would from a healthy harvest,” Babcock writes.
A link to the study can be found here.
***
GPC, Washington DC Office




