Golden Opportunity to Abolish Farm Subsidies
One aspect of this that most people -including until now me- have failed to highlight is that this means that now exist a golden opportunity to do away with one of the most evil and destructive government programs: farm subsidies. Why this program is particularly bad is something which I have explained repeatedly in the past and the case for doing away with it would really be just as strong at any time.
But, the problem have always been that certain influential groups, meaning the general farm lobby in America and the government of France in the EU, have blocked any cuts in farm subsidies. These forces remain strong and will likely continue to oppose cuts. But with soaring prices causing farm income to soar, this means that the forces working for a cut should have an easier time. With farmers making more and more money and with the real income of low income urban people being squeezed, the injustice and absurdity of taxing the latter to benefit the former becomes more obvious than ever. If only free market advocates can enlighten people about how they are impoverished by farm subsidies, then enough public anger could perhaps be mobilized to abolish or at least sharply reduce farm subsidies.