The 2014 farm bill is failing to produce the cost savings promised taxpayers. That’s why Congress should fix the holes in the bill that have let $5.2 billion more than expected flow out in one fiscal year.

A proposal sponsored by two Wisconsin congressmen offers a good starting point.

Democrat Ron Kind of La Crosse and Republican Jim Sensenbrenner of Menomonee Falls introduced the plan, which would rein in subsidies received by farmers and insurance companies from the farm bill’s $9-billion-a-year crop insurance program. Some of the proposed spending cuts, totaling $24 billion over 10 years, may be an overreaction to unusual circumstances.

But the proposal — the Assisting Family Farmers through Insurance Reform Measures Act — should prompt Congress to attack runaway spending in agriculture programs.

The stakes for Wisconsin are high. Agriculture contributes about $60 billion a year to the state’s economy. The state is home to more dairy farms than any other state, produces more cheese than any other state and is among the top 10 corn-producing states.

The goal of any farm bill should be to provide consumers with a stable, affordable food supply by protecting farmers from boom-and-bust cycles. The bill also should keep the nation competitive in the global marketplace, encourage environmental stewardship and remain fiscally responsible.

The farm bill passed in early 2014 began with a sound idea: Rein in costly subsidies for farm production in favor of expanding a subsidized insurance safety net. The goal was to allow farmers to buy protection from risks to their income while eliminating direct government payments to farmers.

The plan was projected to save $16.6 billion over 10 years, compared to the old farm bill. But, as the State Journal editorial page warned before the farm bill passed, the insurance subsidies are too generous. Consequently, while the idea remains worthy, the cost savings have vanished, making taxpayers the losers.

Part of the reason is an unusual crop price decline, especially for corn. Farmers who received a corn price of $7.63 per bushel in August of 2012 received $3.68 per bushel in August of this year. Because of the steep price decline, many farmers will collect huge insurance payments.

The situation also exposed other faults in the insurance system, including how big, wealthy farmers collect large payments and how insurers collect subsidies for offering policies and filing claims.

The Kind-Sensenbrenner proposal would place caps on subsidies, disqualify high-income farmers from receiving subsidies and make other changes to cut costs. Sen. Jeff Flake, R-Ariz., introduced a companion bill in the Senate.

The legislation is expected to receive stiff opposition. While some compromises are warranted, Congress should use the Kind-Sensenbrenner bill as a guide to give taxpayers the victory they were originally promised.

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