Crop insurance program, food stamps prepare for “significant” budget cuts

us crop insurance program

The USDA is getting ready for sizeable funding cuts for social and rural programs. With the proposed Trump administration budget has come a threat to many USDA services, including the crop insurance program. That coverage risks significant reductions, as do food stamps, and rural development programs, among others. The proposed cuts to the crop insurance program and others operated through the USDA are far from modest. “I don’t think there’s any reason to try to sugar coat this,” said Sonny Perdue, USDA secretary. “I’ve communicated with our team at USDA…

Read More

Crop insurance coverage spared 21,000 jobs in drought-plagued 2012

drought crop insurance coverage

A new Farm Credit Services of America reported the employment savings across four U.S. states. Farm Credit Services of America recently published a report about the difference crop insurance coverage made in the United States during 2012. That year, despite the worst droughts experienced in 2 decades, the insurance policies saved almost 21,000 jobs across four states. The 20-page report provides a breakdown offering insight regarding the crop insurance program history. The crop insurance coverage analysis dates back to the program’s beginning in the 1930s. It started with the Great…

Read More

Federal crop insurance participation less likely among wealthy growers

crop insurance program - farm

The farmers who are most likely to buy this coverage aren’t the ones who are making the most money. A new report showed farmers are less likely to use federal crop insurance if they are among the wealthiest. This coverage is meant to help protect growers against risks such as low output prices and crop failure. The American program has been experiencing steady growth since the 90s. Federal crop insurance is now the biggest individual producer supporting program under the farm bill of 2014. This trend in growing federal crop…

Read More

President Obama proposes cuts to crop insurance

us crop insurance program

2017 budget plan aims to cut $18 billion in funding for the Department of Agriculture President Barack Obama has proposed a budget plan for 2017 that could have a major impact on farmers throughout the country. These farmers rely on crop insurance to protect them from the financial implications of natural disasters and underproduction, but this form of coverage has become a financial burden on the country. Obama has proposed to cut some $18 billion in funding for crop coverage offered through the Department of Agriculture over the next 10…

Read More

North Dakota crop insurance changes promote diversification

Crop Insurance

Officials are hoping that education will help to boost farmer willingness to diversify the plants they grow. In North Dakota, officials are hoping that changes to the crop insurance program will help to educate farmers in order to encourage them to diversify the plants they choose to grow. Whole farm insurance coverage first became available in North Dakota during the last growing season. While there weren’t any whole farm crop insurance policies sold, the officials from the Department of Agriculture believe that when they learn about what the coverage has…

Read More

New crop insurance program to protect Indian farmers from cost of damage

Crop Insurance

The new strategy will be launched early in 2016 and will use technology to assess damage to fields. In what might turn out to be the first major step taken by Indian Prime Minister Narendra Modi in addressing rural struggles, a crop insurance program is set to launch in early 2016 in order to help to protect farmers against the costs of damage to their fields and, therefore, their revenues. The program will use technology such as drones in order to conduct more accurate damage assessments. Over the last few…

Read More

Cutting the crop insurance subsidies is proving to be challenging

crop insurance rules

It is now expected that part of the reductions in subsidized coverage for growers will be repealed. Back in April, Republicans in Congress formed a new agreement in order to move ahead on a plan that was designed to create a savings of $5 trillion over the next ten years, and reductions in crop insurance subsidies were a part of this effort to balance the budget at the end of that time. However, as time has passed and the practical side of these insurance subsidy decreases plays out, it may…

Read More