It really depends on which subsidies you are referring to. The basic premise is that under supply and demand we would have unstable food supplies as crops exclusively chased price. By producing the major crops at or below the cost of production, for many years, we are able to secure the lowest food priced in the world. The subsidies support excessive production of specific commodities allowing price to be artificially low. Now, in the past few years, as we have had extra ordinary high prices. So in the short run its not working but over the past few decades its worked very well.
Thats really focused on the direct and counter cyclical payments, commodity loans, and crop/revenue insurance subsidies. The other big farm programs, mostly through NRCS such as EQIP, CSP, and CRP promote the social good of conserving and maintaining the productivity of our farms. In my own case, its much easier to water my cattle with free creek water than install tanks, buy municipal water, and fence of streams. But, times the thousands of acres in this watershed it contributes to water pollution, causes the loss of land through stream bank erosion, and causes a loss of productivity to the land. In my lifetime the loss would not cost me nearly as much as installing conservation practices but over time it would cost more and more. For people who are really into passing stuff on they might do it anyway. Im a businessman first, with no children remotely interested in anything agricultural, so there is no incentive for me to do anything that doesnt have an immediate or intermediate return on my investment. Conservation programs change the math of that. Consequently Ive got nearly every practical conservation practice implimented or in the process thereof.
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