The Farm Credit System (FCS) blocks the truth behind mountains of impenetrable data and with one-off feel-good stories.
But bit by bit, people are starting to uncover the facts.
Ernie Goss of Goss Associates joins the list of researchers who have uncovered the FCS’ noxious effects. Nebraska’s own Kearny Hub reporter Amanda Push writes, “Goss studied how the credit union industry and Farm Credit benefit from federal and state financial subsidies, the long-term implications of these financial advantages, and their effect on taxpayers.” The implications are many and various, but here’s the most appalling fact Goss revealed:
In 2014 alone, Farm Credit received $108.4 million in tax subsidies from Nebraska.
It’s easy to become numb to millions when, day in and day out, Farm Credit throws around billions. But it’s important to see exactly what that money means. For Nebraska, $108.4 million means funding:
- All new construction projects – 1 and a third times over.
- Pediatric Cancer Research – 60 times over.
- The Department of Veterans Affairs – 88 times over.
- School Lunch – 276 times over.
These are only a few of the programs that Nebraska could invest in more – if it weren’t for Farm Credit’s tax subsidy. And despite Farm Credit’s claims that it helps feed America, it can’t explain away fact that it’s robbing Peter to pay Paul.
This sort of tax subsidy isn’t just unfair, it’s harmful. It gives the FCS, mandated by law to help young, small and beginning farmers, the leeway to finance luxury properties and foreign bailouts.
It’s time: Congress needs to bring the FCS to heel.
