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marketeye
Veteran Advisor

Billions less for new Farm Bill

VIDEO: Do you think the new Farm Bill is being put together behind closed doors? Are you concerned that billions of dollars are being pulled from previous Farm Bills? Dan Looker, Successful Farming's Senior Business Editor is following the construction of the 2012 Farm Bill. He lays out the details. Here is the Farm Bill conversation.

 

Let us know if you are watching the Farm Bill developments. What can be done?

 

Mike

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3 Replies
hwr247
Senior Contributor

Re: Billions less for new Farm Bill

my concern with the "new" farm bill in this free for all budget cutting mentality is the fact that someday commodity prices will collapse again and if there is no safety net then what?!!

sure ag should contribute but it has done quite a bit the last few years in crop insurance and other areas and if they cut everything now where will we be when corn beans and wheat are down to $3,$4 and $5 levels and inputs stay high!

   i really wonder where all the other cuts in the entire budget will come from....even if ag has no supports at all it wouldn't make the slightest dent in the total deficit picture....

   in 1983 congress ran into the social security bankrupt situation and extended the age at which people could collect full benefits to 67 and higher with the promise that social security would be solvent for 50 years...problem was they couldn't keep their fingers out of the money that was being collected and they spent it......now here we are again.....if thay have to extend it to 70 years old well i will live with that but"DAMMIT" congress keep your FRIGGIN fingers out of It!!!!!

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kraft-t
Senior Advisor

Re: Billions less for new Farm Bill

There is 2.6 trillon in the SS trust fund deposited in US treasury securities. When we put savings in the bank it is assumed that the bank will repay when the fund is needed. You didn't assume that it would be cash sitting in the treasury not drawing interest, did you?

 

The only way the government renegs on those bonds is if the politicians choose to reneg on our nations obligations. That means debt to china, Japan , Saudi Arabia or government savings bond holders. BTW, the US government is the same folks that guarantee your bank deposits to the tune of $250 K per depositor. If government renegs on seniors they will reneg on bank depositors as well.

 

To meet their pobligations to seniors them may have tpo raise taxes or refince with other bond holders. It amazes me that anyone would consider the US defaulting on their debt. It's unthinkable that some people would even think of it a viable option. Mainly I think it is anti SS people trying to scare others in cuts to social progarms. When in fact the governmment is borrowing from the SS surplus in the trust fund. It is not borrowing from surpluses of the defense department, the state department, the treasury department or the agriculture department. Nope, they are borrowing from seniors as that is the only departmernt with a surplus. Which mean that seniors did not bring about the 11 12 or 14 trillion in debt. Government has not been taxing people for all those other programs that they support.

 

Did government steal the money out of SS? No! not yet but those you hear talking about cutting benefits or diminishing SS are infact trying to steal SS from seniors. They want to makem seniors pay for all the other bad fiscal policy. Look to the defense department and the tax code. All those wonderful tax incentives have added up to the point where the budget is lacking. Look to the policies and the departments that are running in the red. Not the only one that is running a surplus.

 

In other words seniors should tell the congress to tighten your own **bleep** belt. Seniors are paying their way.

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cowfarmer
Senior Contributor

Re: Billions less for new Farm Bill

Someone was saying they were worried about a safety net if the prices drop. Safety net should be individual farmers making sound financial decisions and not over extending themselves, the gov. doesn't owe us as farmers a safety net.

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