Crop Insurance, Farmer Income, and the Drought
August 3, 2012
On July 31, the Wall Street Journal online ran an article entitled “Crops Hurt, But Farmers Will Still Get Paid.” The article begins “A historic drought across the middle of the U.S. is shriveling crops—but not many farmers' incomes.” Citing USDA statistics that 70% of crops are covered by crop insurance, this article is part of a growing voice that crop insurance means there is no financial emergency behind this historic drought. Numbers like these look good from behind a desk, but not from behind the wheel of a tractor. Here’s why.
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