On May 12, 2023, CBO released updates to its baseline projections (CBO, May 12, 2023) including for the mandatory farm bill programs (CBO, May 12, 2023 (Farm Programs and SNAP)). Figure 2 illustrates the updated prices in the May 2023 Baseline as a percent of the February 2023 prices. The CBO projections are just that, projections based on economic modeling of an unknown and unknowable future. Maybe these disparities and factional dynamics would be worth it if budget policy was effective, but budget policy has failed. The lessons of this case study can be gleaned from the updated CBO Baseline.

Source: New York Times May 18, 2023 16:39 UTC