Posted by GeneMO on November 22, 2014 at 17:49:00 from (71.51.203.52):
In Reply to: Farm economy posted by Spook on November 21, 2014 at 20:33:39:
Quoting Removed, click Modern View to see
Yes, there has always been a subsidy in crop insurance. Some where back they were instructed to be "actuarially sound"
Meaning crop ins. would pay it's own way.
But the many government employees that work for the Risk Management Agency have to be paid, so eventually all that government oversight and rules and regs. have to be paid for.
It is way over my head. If somehow private enterprise were allowed to run it like real insurance, a lot of costs could be cut. Would that eliminate the need for a subsidy? Dont know. Basically, crop ins. is way overpriced to pay for the Feds meddeling, that is built into the premium, then a subsidy is put in place.
Problem is, they have always said the potential dollar outlay needed in the event of a nationwide crop disaster is more than private insurance companies could handle, therfore the need for the government.
But it's the same for all the rich folks in condos on the coast and Federal flood ins.
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