This week, the House failed to pass a short-term extension of the current farm bill -- possibly for the better as American Enterprise Institute (AEI) agricultural economist Vince Smith explains:
"[R]ight now there is no House Farm bill that is acceptable to a majority of representatives. In addition, the House and Senate bills have very different farm subsidy programs, and propose very different cuts to nutrition programs (smaller in the Senate and larger in the House bill). And both bills have farm subsidy provisions that could be very expensive for taxpayers while mainly benefiting large and wealthy farm household… the farm lobbies would all like to see a new farm bill before the end of September, because they fear that a post-election farm bill really would mean substantial cuts to farm subsidies…From a taxpayer’s perspective…Congressional inaction that would delay the development of new farm bill legislation until after November 6 would probably be a good thing."
Vince Smith is a co-director of the American Enterprise Institute's agricultural policy initiative and a professor at Montana State University. He is available for interviews and can be reached at email@example.com.
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