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Billionaires Received U.S. Farm Subsidies, Report Finds
Key Excerpts from Article on Website of New York Times
Posted: November 12th, 2013
http://www.nytimes.com/2013/11/07/us/billionaires-received-u...
The federal government paid $11.3 million in taxpayer-funded farm subsidies from 1995 to 2012 to 50 billionaires or businesses in which they have some form of ownership, according to a report released [on November 7] by the Environmental Working Group, a Washington-based research organization. The billionaires who received the subsidies or owned companies that did include the Microsoft co-founder Paul G. Allen; the investment titan Charles Schwab; and S. Truett Cathy, owner of Chick-fil-A. The billionaires who got the subsidies have a collective net worth of $316 billion, according to Forbes magazine. The Working Group said its findings were likely to underestimate the total farm subsidies that went to the billionaires on the Forbes 400 list because many of them also received crop insurance subsidies. The authors of the report said it is timely, given that lawmakers are debating a House proposal that would cut nearly $40 billion over 10 years from the food stamp program, which helps provide food for nearly 47 million people. A Senate provision would cut $4.5 billion over the same period. A report released [on November 6] by the Center for American Progress ... found that food stamps kept about five million people above the poverty line last year. The food stamp program was cut by about $5 billion on Nov. 1 when a provision in the 2009 stimulus bill that added funding for the program expired. The irony is that farm subsidies are going to billionaires at the same time that there are proposals to kick three to five million people off of food stamps, said Scott Faber, vice president for government affairs at the Environmental Working Group.
Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
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