The High Cost of Ethanol Subsidies
by OffSite (6/20/08)
An Indian government official recently criticized the Bush administration for blaming the growing middle classes of developing countries, such as India and China, for rising food prices. Although he may have misinterpreted the president’s remarks, his and other Indian critics’ responses are worth thinking about. They argue that the United States is the real culprit behind high food prices. Has the United States played an important role in contributing to rising food prices and, if so, what should be done to correct the problem?
Growing world demand for food is part of the explanation for recent food price increases. Higher incomes of people in developing countries have enabled them to consume more calories and more meat, which has had an impact on food prices. The fact that many people in the world can afford better diets is something we should be thankful for, even if it results in higher food prices for us. What should concern us, however, is how the U.S. government has contributed to the recent run-up in world food prices by subsidizing the production of bio-fuels. Full Piece
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