Big Sugar Is Set for a Sweet Bailout
March 13 | Posted by mrossol | American Thought, SocialismWhere do the bail-outs stop!!!!
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The U.S. Department of Agriculture is considering buying 400,000 tons of sugar—enough for 142 billion Hershey’s HSY +0.08% Kisses—to stave off a wave of defaults by sugar producers…
The USDA wouldn’t say how many companies have received loans, or identify them. U.S. Sugar said it doesn’t have any USDA loans outstanding. American Crystal and Amalgamated didn’t respond to requests for comment.
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The domestic sugar industry has long relied on subsidies that critics say are disproportionate to its contribution to the U.S. economy. The sugar industry supports jobs for 142,000 people, according the American Sugar Alliance, an industry group.
The loan program was designed to operate at no cost to taxpayers. A June 2000 study by the Government Accountability Office, then called the General Accounting Office, estimated the program’s cost to the U.S. economy at $700 million in 1996 and $900 million in 1998.
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Big Sugar Is Set for a Sweet Bailout.
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