Federal legislators representing various agriculture committees in Congress have rejected the cuts to crop insurance President Obama unveiled in his budget plan this week. The plan looks to cut $8 billion in funding for crop insurance throughout the country. Legislators claim that this would be a major blow to many farmers, especially those in areas that are prone to seeing natural disasters. The Obama administration is keen to make cuts to crop insurance because it claims that some farmers are abusing the system, as they will be paid for their…
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Importance of crop insurance highlighted at the 26th Annual Corn Growers Association meeting
As farmers from all over the country convened over the weekend to attend the 26th Annual Corn Growers Association in Sioux Falls, South Dakota, crop insurance was on everyone’s mind. With 2011 being recognized as a record breaking year in terms of natural disasters, and the persistent problems spawned from a turbulent climate, farmers throughout the country have been facing significant difficulties with keeping their crops alive. As crops are lost, farmers lose their ability to make a living. Most farmers receive money from the government, but this money is…
Read MoreNew subsidy for farmers has backing from lawmakers in the farm states
Lawmakers in the farm states are making efforts to form a brand new type of subsidy that would provide farmers with protection when they face a drop in revenue. This program is unprecedented and would provide farmers with billions of dollars in future support to farmers who are currently experiencing record breaking high prices for their crops. This free insurance subsidy would give farmers with the coverage they need for “shallow crop losses” that are incurred before their paid insurance policies become effective and has the support of soybean and…
Read MoreCongress to determine the fate of crop insurance – plans for income insurance in the works
The agriculture industry in the U.S. has been battered by recent natural disasters. These events have damaged crops and, in some cases, completely demolished farmland in the Eastern states. Congress is now drafting new insurance regulations that would birth a new subsidy for farmers that have seen their livelihoods put at risk due to storms and other natural disasters. The insurance plan will help protect the income of farmers, but several insurance groups have voiced their opposition for the plan, arguing that it could encourage farmers to adopt risky practices.…
Read MoreAgriculture Secretary recommends changes to nation’s crop insurance system
Agriculture insurance is becoming a major issue in the U.S. Federal legislators are currently working on a new bill that would reform the crop insurance system, but have yet to define any major benefits that should be awarded to farmers. U.S. Agriculture Secretary Tom Vilsack has issued recommendations to lawmakers, noting that more emphasis should be put on natural disasters and other environmental factors when reforming the insurance system. Vilsack believes that farmers will benefit most from policies that help them recover from extreme flood events or severe droughts. An…
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