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View Full Version : Big Sugar Is Set for a Sweet Bailout


MasterOfPuppets
03-13-2013, 11:29 AM
more corporate welfare. i'm sure the CEO's will give themselves multimillion dollar bonuses...




http://finance.yahoo.com/news/big-sugar-set-sweet-bailout-234800763.html

"Clearly, the USDA has made up its mind that Big Sugar is going to trump the American consumer," said Pierson Bob Clair, president and chief executive at Brown & Haley, a confectioner in Tacoma, Wash., that makes Roca butter-crunch candy.

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.
he National Confectioners Association, which represents about 350 candy companies, including Mars, Hershey and Nestlé, estimates that the U.S. Sugar Program has cost consumers about $14 billion since the Farm Bill's passage in 2008.

To entice ethanol producers to buy sugar to mix in with corn, the USDA expects it will have to take a 10-cent loss on every pound of sugar it sells, bringing the total to $80 million if 400,000 tons are purchased, Ms. Fecso said.

Vis
03-13-2013, 12:17 PM
I used to listen to Big Sugar. I'm more an east coast guy now.