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AGRI-PULSE: AG SEC'Y SUGGESTS CROP INSURANCE IS BEING ABUSED
Jun. 5, 2017
Agri-Pulse reports:
At the 2017 Montana Ag Summit in Great Falls, Mont., last week, Ag Sec'y Sonny Perdue suggests crop insurance is being abused. Perdue also repeated a warning about crop insurance that he's been making in recent appearances. Perdue said that he doesn't want farmers making planting decisions with an eye toward collecting crop insurance - farming the program as it were.
"Let's face it, you don't buy insurance on your house hoping that it will burn down, do you?" He then went on to say:
"We've got to get out of the mindset that if I invest $1 in crop insurance, I want to make sure I get $1.10-plus out of that. Insurance is insurance and crop insurance is a safety net for when things and disasters and tragedies hit that make it where you've done everything you should have done and yet the weather didn't cooperate."
Perdue didn't say how that was happening, and he didn't cite his concern as justification for the nearly $30 billion in cuts to crop insurance proposed by President Trump's budget. Trump proposed to eliminate the Harvest Price Option and to impose a means test for crop insurance and a cap on the amount of premium subsidies an individual producer could get.
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