Tuesday, June 14, 2011

Good news on food prices & subsidies

Story in the Washington Post today about how a midwestern Congressional representative is breaking the news to farmers that subsidies are likely to end, though apparently ethanol subsidies will continue. Perhaps surprisingly, generally the farmers are not putting up a fight, perhaps acknowledging their contribution to the deficits their local Tea Party affiliate is so worried about. Whatever the reason, this is the best development associated with the Tea Party that I've heard of yet. It also seems an opportune time to get rid of price supports, though with rising food prices, some supports are likely to become irrelevant soon anyway.

In other news, a record wheat crop in India should alleviate some of the pressure on food prices.

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