Chart of the Week: Crony Capitalism Leads to Higher Sugar Prices
Sugar producers contribute only a small percentage of value to overall U.S. crop production, yet the industry continues to reap the rewards from government thanks to a significant lobbying presence and sizable campaign donations. The result is government interference in the sugar market, which dates to the 1930s Depression. American consumers pay the price in the form of higher prices. This week’s chart depicts sugar’s sweet deal. When the federal government hands out favors to sugar producers, they turn around and fund lobbyists and political action committees, leading to yet … More
