House farm bill helps rich, hurts poor

Republicans on the House Agriculture Committee dished up treats for the insurance and chemical industries, while handing empty bowls to millions of struggling Americans. The farm bill that cleared committee April 18 does nothing to increase transparency or accountability in the crop insurance program which pumps billions of taxpayer dollars into increasingly foreign-owned insurance companies.Insurance company profits from taxpayer-subsidized crop insurance have risen to a 35-percent return on investment, reports the Government Accountability Office, which recommends saving federal dollars by pegging the return to market rates.  The House Agriculture Committee ignored that idea and bragged of making few changes in the $9 billion program. Insurers’ returns have climbed even while farm income has declined in recent years.