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Robert
A. Hoppe and David
E. Banker
Government payments
peaked twice at $24 billion, measured
in 2003 dollars. The first peak occurred
in 1987, just after the end of the farm
financial crisis. The second peak occurred
in 2000, due to payments enacted by
Congress in response to falling export
demand and regional crop failures. Payments
also spiked at $14 billion in 1993,
due largely to high feed grain production
and disaster payments for droughts and
floods.
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