Wednesday, November 26, 2008

Will Obama cause food costs to rise?

Harvard professor Dr. Greg Mankiw notes that President-elect Barack Obama's flip-flop on farm subsidies is the wrong prescription:
"Like President-elect Obama (but unlike candidate Obama), I am all for getting rid of farm subsidies. But why would you want to use taxpayer funds to encourage large, efficient, profitable farms to break up into smaller, less efficient, less profitable farms?"

If we are going to get out of subsidizing farmers, let's do it right by eliminating all subsidies, not just those on the "rich."