Your Tax Dollars May Buy 400,000 Tons of Sugar to Keep Prices Artificially High

The US is the world’s largest sugar producer. The US Department of Agriculture makes loans every year to processors of domestically grown sugarcane and sugar beets. Over 50% of the sugar is from GMO sugar beets. Last October, sugar processors borrowed $862 million from the USDA. The loans did little to keep sugar prices high, however: they have fallen 18% since October. Sugar processors are afraid they’ll have to default on their loans, which could result in $80 million in losses to the USDA’s price support program. USDA is considering helping them out once again—this time by buying 400,000 tons of sugar, just so they can pay back their loan!