You want to talk bailouts? What about the annual federal bailout called “farm subsidies”?
I love farming and farmers (although hugging is strictly off-limits). My grandpa was one. The best summers of my childhood were spent on his farm. My wife, kids and I live in the country on 2 acres, in the middle of farms, and tend to a 1/4-acre garden as well as a half dozen chickens.
But, as this article points out, most subsidy money goes to corporate farms, not the guys who live in our neighborhood. The impact of these subsidies on the physical health of the nation, let alone the financial health, can be seen in “The Omnivore’s Dilemma.”
Also, Thomas Sowell writes in “Basic Economics” that subsidies are never good, that they artifically inflate the cost of food and, eventually, everything else related to the production of that food.
It’d be good to reduce these subsidies. But, since Barack Obama is shaping up to be another FDR with his New New Deal (a/k/a a $1 trillion stimulus package), I doubt that’ll be happening soon.