The Democrat-aligned National Farmers Union is pushing for an increase (that’s right, an increase) in government price targets for agricultural commodities when (very few people seem to be using the word “if” these days) the Democrats take the White House and solidify their majority in Congress this fall.
Apparently, farmers’ production costs have increased above levels assumed by the current government price floors. Those floors therefore need to be adjusted upward so that if “prices stay low” (they are currently off their record highs, but still pretty high by historical standards) the safety net can be “bumped up,” according to the NFU’s president, Tom Buis. The increase in price-linked subsidies would be paid for by reducing direct payments, fiscally offensive but non–distortionary payments to farmers based on historical production.
Hold on to what is left of your wallets, America.