The time has come for crop insurance reforms that emphasize conserving soil and water, put real limits on subsidies to the nation’s largest farms, and ensure these subsidies are transparent to taxpayers. That’s why we are launching a national Crop Insurance Reform campaign.
A $50,000 premium subsidy limit would only impact 2.5 % of participating farms. That low percentage of impact seems to challenge the opponents logic that enacting payment limits could affect participation.
Crop Insurance and the need for reform is a topic we have grappled with for roughly the last decade. That was when we started hearing from farmers across the Great Plains and Midwest about the negative impacts of federally subsidized crop insurance.
In February Senators Jeanne Shaheen (D-NH) and Pat Toomey (R-PA) introduced a bill to cap federal crop insurance premium subsidies at $50,000. The Congressional Budget Office estimates the cap would save roughly $2.2 billion over 10 years.