Food-or-fuel hits home(s)
Well, the food-or-fuel debate has now been recognized by the mainstream media, previously salivating over the wonderful tax benefits and subsidies for corn ethanol production to reduce greenhouse gas emissions.
Earlier, there were articles about the high prices for Mexican tortillas; then, features about hog and poultry producers facing skyrocketing prices for corn feedstock.
Now, just about all food producers are realizing that — hey — high prices for corn translate into high costs for manufacturing such foodstuff as cereals, canned fruits and vegetables, snacks, juices and sodas that use high fructose corn syrup, etc., etc.
And, guess what — those higher costs are gonna have to be passed on to consumers in the form of higher prices. But don’t worry, elite proponents of government-funded ethanol production — the poor will suffer the most, since they pay a larger proportion of their incomes on food.