Last week, I took a closer look at the weight and cost per pound of a box of cereal.
Depending on the type, the cost for a 12-ounce box was between $3.50 and $4. The cost per pound would be $4.60.
The average weight of a bushel of corn to make that cereal is about 50 to 55 pounds, depending on moisture content. Based on the price of cereal per pound, that would bring the price of a bushel of corn to $239. The farmer gets $4.25 per bushel. Any farmer would be happy to get $9 per bushel.
This country needs to wake up and pay farmers a decent price for what they produce.
Back in the early to mid-'60s, the National Farmers Organization asked farmers to dump their milk to bring the price of milk up. I did not like the idea back then, but now I think the group was on to something.
A business could never survive if they had to pay whatever a supplier demanded and then have to accept whatever was offered for what they produce. Why must farmers?
Senior citizens and farmers are both getting a raw deal. Recently Social Security came out with a cost-of-living "raise" of 1.6%. Who believes that? Each insurance premium I have jumped by more than 10%.
Most seniors saved for retirement in hopes of getting a 5% return on those savings to help them get through the golden years. Uncle Sam steps in and pushes the rate down to next to nothing -- to boost the economy, they say.
In reality they did it to save more than $1 trillion in interest they would have to pay on the more than $22 trillion national debt.