The Ag Waste PEBO Referred to Today

Nov 25, 2008 3:40pm

In his budget hawk presser today in which he tapped into his inner McCain, PEBO pledged to go through the federal budget — page by page, line by line — to eliminate wasteful government programs.

Mr. Obama refrained from specificity except in one instance.

"Let me just give you one example of what I’m talking about," he said. "There’s a report today that, from 2003 to 2006, millionaire farmers received $49 million in crop subsidies even though they were earning more than the $2.5 million cutoff for such subsidies. Now, if this is true — and this was just a report this morning — but if it’s true, it is a prime example of the kind of waste that I intend to end as president."

The President-to-be was referring to a Government Accountability Office study indicating that between 2003 and 2006, 2,702 farmers received subsidies worth $49 million even though they earned more than the $2.5 million gross income cutoff.

Among them, per GAO:

* A founder and former executive of an insurance company who earned more than $300,000;

* An individual with ownership interest in a professional sports franchise, who received more than $200,000;

* A top executive of a major financial services firm; and

* 9 individuals who reside outside of the United States — in Hong Kong, Saudi Arabia, and the United Kingdom, for example.

You can read more about it in the GAO Report HERE.

– jpt

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