Cost of the 2014 Farm Bill Commodity Programs

Payments by the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2014 crop year have totaled $5.2 billion so far. Intense criticism has accompanied them, in part because the Congressional Budget Office projected payments of $3.8 billion for the first year of ARC ($2.1 billion) and PLC ($1.7 billion). However, the criticism has not considered potential payments that the 2008 farm bill revenue program would have made for the 2014 crop year. In particular, the Average Crop Revenue Election (ACRE) program would have made larger per acre payments than ARC for the 2014 crops of corn, soybeans, and wheat. For 2015, per acre payments are essentially the same for soybeans and wheat while ARC payments are somewhat larger for corn.

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