Pete Domenici: “Tremendous changes have occurred in the agriculture economy over the last many years. The growth of biotechnology, new…”

“Tremendous changes have occurred in the agriculture economy over the last many years. The growth of biotechnology, new and dramatic genetic research applied at the farm level, new and innovative production techniques, broadened communication and transportation systems, have all contributed to a much different farm and ranch operations today than just a decade ago--let alone half a century ago when New Deal legislation put on the books the farm programs we still have today. I remind my colleagues when the Commodity Credit Corporation was established in 1933 farm households accounted for 25 percent of the U.S. population and generated over 10 percent of GDP. Today farm households comprise less than 2 percent of the population and generate less than 2 percent of GDP. I know that the total food and fiber system beyond the farm gate contributes another 10 to 13 percent to GDP. But those factors that helped create the need for farm price support programs in 1933 no longer apply today. That is one reason why I am supportive of the concepts of an agriculture market transition program that we included in the Balanced Budget Act of 1995.”