English, Article edition: An Overview of the U.S. Agricultural Economy and the 2008 Farm Bill Harwood, Joy

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Bookmark: http://trove.nla.gov.au/version/148274
Physical Description
  • article
Language
  • English

Edition details

Title
  • An Overview of the U.S. Agricultural Economy and the 2008 Farm Bill
Author
  • Harwood, Joy
Physical Description
  • article
Notes
  • The 2008 farm bill involved 16 months of debate. The end product is similar to the 2002 farm bill in the crops arena, continuing counter-cyclical payments, direct payments, and marketing assistance loans. In addition, however, the 2008 bill adds a new, optional counter-cyclical revenue program (Average Crop Revenue Election, or ACRE), authorizes a new permanent disaster program, and contains various other changes. The new ACRE program provides an entirely new set of dimensions for producers to consider in deciding whether to opt into the program, including the multi-year trade-off between the loss of potential “traditional†payments and the revenue protection provided by ACRE, as well as the producer’s own expectations about yield and price trends and variability. The payment calculation associated with the new permanent disaster program appears at first glance to be relatively simple, although the whole-farm nature of the program and the number of variables makes it quite complex.
  • farm bill, farm programs, ACRE, permanent disaster assistance, regulatory process, Agricultural and Food Policy,
  • RePEc:ags:arerjl:49861
Language
  • English
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