The US Congress, its approval rating still near all-time lows, is reinforcing its own record of stupefyingly short-sighted lawmaking with what may be the most harmful piece of economic legislation in America in years: the $1tn 2013 farm bill.

 

It should be called the 2012 farm bill – or, officially, the Agriculture Reform, Food and Jobs Act of 2012 – because the habitually sluggish group of lawmakers in Washington were too busy in 2012 to pass it. Campaigning for office and ginning up the fake fiscal cliff crisis occupied a lot of time, so lawmakers passed an extension of the $650bn 2008 farm bill for another year.