Saturday, May 31, 2003

Welfare Queens

Cotton farmers:

While the common agricultural policy has rightly been condemned by development agencies for its deleterious effects on farmers in poor countries, the fact is that the American system of disguised subsidies through income support and export credits is no better. In 2001, America's 25,000 cotton farmers sluiced up US$4 billion in subsidies, leading to colossal over-production that leaked out into global markets, forcing down prices.

That's $160,000 per farmer.