This Episode/Video shows the high taxpayer risk “Federal Crop Insurance” has become, as Congress debates the next Farm Bill with a false goal of saving $23 to $33 billion over 10 years.
Just as the taxpayer was hoodwinked by the 2008 Farm bill that still covers 2012 crops. All this without disclosing to the American taxpayer the potential liability or costs of $20-$40 Billion on the 2012 crop alone, if crop prices crash. This even if the American Farmer raises a big crop in 2012. For in the past, crop insurance covered yield losses, not revenue losses, as today’s super insurance does!