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Mike's Blog

Insights from the President of ProAg

Crop Insurance Saved Taxpayers $10.4 Billion Since 2002

by Mike Connealy on 06.21.2012

National Crop Insurance Services recently reported on their newly redesigned web site that Federal crop insurance has come in under budget every year since 2002—the last year of major revisions to the program—saving taxpayers more than $10.4 billion in projected spending, according to a new analysis of Congressional Budget Office (CBO) data.

The savings, taken as the difference between the projected cost of the crop insurance program by the CBO and the actual cost of the program, shows that in some years, the CBO overestimated the cost of crop insurance by more than 45 percent. Visit Crop Insurance in America.

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