Many Republicans were highly critical of former President Barack Obama's decision to bail out U.S. automakers after taking office at the peak of the Great Recession. Mitt Romney, now a U.S. senator, even wrote an op-ed urging Obama to let Detroit go bankrupt. President Trump has his own bailout, sending extra federal subsidies to farmers hurt by his trade war with China. The $28 billion and counting isn't fully offsetting the loss of Chinese purchases and markets for U.S. soybeans, pork, and other agricultural products, but it is still relatively generous, as Bloomberg Businessweek notes:
China hawks in Trump's administration want Beijing to quit subsidizing strategic industries, yet that hasn't deterred the White House from doling out billions in aid to American farmers, who have become more dependent on government money than they've been in years. At $28 billion so far, the farm rescue is more than twice as expensive as the 2009 bailout of Detroit's Big Three automakers, which cost taxpayers $12 billion. And farmers expect the money to keep flowing. [Bloomberg Businessweek]
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
What to know when planning an awe-inspiring hike on the Inca TrailThe Week Recommends Peru's most famous trail leads to Machu Picchu
-
Lead poisoning remains a threatThe Explainer The toxin is built into our lives
-
Should you use a 529 plan? What to know about this college savings option.The Explainer This tax-advantaged savings account can be used to pay tuition or buy textbooks
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
-
Reddit IPO values social media site at $6.4 billionSpeed Read The company makes its public debut on the New York Stock Exchange
-
Housing costs: the root of US economic malaise?speed read Many voters are troubled by the housing affordability crisis
-
Feds cap credit card late fees at $8speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
