Labeling Issue and World Food Crisis
Labeling Issue and World Food Crisis plus Food Forethought. I’m Greg Martin with today’s Northwest Report.
Advocates of Proposition 37 are saying they may have lost the election but the fight is far from over. Proposition 37 was California’a attempt to label genetically modified food and was fairly soundly defeated last week. They are now collecting signatures to put a similar measure on the ballot in Washington state for 2013. Supporters say they have a right to know what is in their food and that genetically engineered crops have not been adequately tested. But the Food and Drug Administration doesn’t require labeling of food for the pure fact that it is genetically modified.
With world production of many crops down from last year, are we going to see major food problems in the world and unrest as we did in 2008? World Economist Gerry Bange.
BANGE: A lot of people are trying to compare this to the situation we had back in 2007-8 so by the time we got to 2007-8 we had world wheat stocks down to a very, very low levels. Our stock situation is much, much better.
Now with today’s Food Forethought, here’s Lacy Gray.
Optimism is high that the Farm Bill will pass in the Lame Duck session of Congress before the end of this year. With the “powers that be” staying the same in Washington after the election numerous leaders in the ag industry are saying that, although they had hoped to see changes that would result in real reform on such things as tax policy, and the Endangered Species Act, at least knowing what they’re up against gives them a better idea of what to expect. The “death tax” is one of the biggest concerns for farmers and ranchers right now. If it reverts back to much higher levels, it will more than likely be the straw that breaks the camels back. A fifty-five percent tax on all assets would force many producers into liquidation. It seems that it would be a “no brainer” decision, but many Americans, including several members of Congress are under the impression that the federal estate tax exemption is just a tax cut for the rich. But it doesn’t take a very big farming or ranching operation to have assets in excess of a million dollars, which is what the death tax exemption amount will go down to if something isn’t done.
Thanks Lacy. That’s today’s Northwest Report. I’m Greg Martin on the Ag Information Network.
