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2007 Farm Subsidy Direct Payments

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Publication Date: April 2008

Publisher(s): Environmental Working Group

Author(s): Ken Cook; Chris Campbell

Topic: Agriculture, forestry and fishing (Agricultural economics and farm holdings)

Keywords: farm subsidies; direct payments

Type: Report

Abstract:

By any measure, 2007 was a banner year for farmers of grain, soybeans and cotton, as high prices for their crops earned them record net income, even after they paid skyrocketing costs for fuel, fertilizer and seed.
But under formulas set by Congress in the 2002 farm law, taxpayers topped off the record farm earnings of 2007 with another $5 billion in "direct payment" crop subsidies.