Tuesday, November 9, 2010

First it was cheese...

Farm subsidies from the federal government often result in what economists call unintended consequences. For years, up until the early 1980's, the federal government, in order to keep the price of diary products high, purchased tons of cheese and squirreled it away in caves scattered around the state of Missouri. (This is true, google it.) In 1983, the government decided to unload the $4 billion worth of cheese they had stored in Missouri by giving it away. Block long 'cheese' lines were a common sight for awhile.

What happens when the government accidently passes a $30 trillion subsidy bill for soybean farmers?

According to sources within the House Appropriations Committee, a misplaced decimal point deep inside the 279-page Farm Relief and Reform Act of 2010 increased the soy subsidy by roughly 1.75 million percent, precipitating the nationwide glut…

In response to the inundation, the Food and Drug Administration released a revised food pyramid Tuesday consisting entirely of soybeans and soybean-based products, as well as nutritional guidelines urging every American to eat eight servings of soybeans per hour...

In the Senate, meanwhile, efforts to repeal the subsidy have been held up by Sen. Chuck Grassley (R-IA), whose state now enjoys a median household income of $131 million.

"I'm not going to get into this silly debate about whether there are too many or too few soybeans," said Grassley, standing chest-deep in the hulled oilseeds as he addressed the Iowa Soybean Association. "The bottom line is this subsidy protects good, honest soybean jobs from being shipped overseas, and unlike my opponents, I choose to stand with American workers."
As usual, politicians BS it and government agencies change course to make the mistake appear as though it were planned all along. No surprise.

I know, it's The Onion, but it sounded real to me.


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