A new report takes issue with the current structure of the federal crop insurance program, arguing that in many cases it allows growers to make more money from insurance payouts than they would from a healthy harvest.
This is particularly so for the industrial-scale operations which have been enjoying record profits, says the report by Bruce Babcock, a professor of economics at Iowa State University.
Babcock's report, commissioned by the Environmental Working Group (EWG) in Washington, was released a day after the U.S. Dept. of Agriculture (USDA) released one of its own, showing that the cost of the nation's crop insurance program rose to a record $17.2 billion.
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