This summer's drought has hit more than half the states in the country. Crops are suffering, but farmers might not be. Most farmers have crop insurance.
U.S. taxpayers spend about $7 billion a year on crop insurance. It's our largest farm subsidy.
And this subsidy goes in part to farmers — who will tell you themselves they aren't so sure about the whole idea. "I have an aversion to it," says Jim Traub, a corn and bean farmer in Fairbury, Illinois. "But you're not going to turn it down."
A tow pushes a barge past a sandbar on the Mississippi River near the confluence with the Missouri River north of St. Louis., on Friday. Many sandbars normally under water on the two rivers are now exposed as the drought has caused river levels to drop.
Credit Jim Salter / AP
An 11-mile stretch of the Mississippi River was closed today because of low waters levels.
For more: Why does the government subsidize crop insurance in the first place? We try to answer that question in our latest podcast.
The federal government spends about $7 billion a year on crop insurance for U.S. farmers. Policies are sold by private companies, but the government sets the rates, so the companies can't compete on price.