Investing
Coca-Cola, Hershey Lose Senate Vote to Curb Sugar Assistance
Published:
Last Updated:
Sugar producers argue that the price supports for sugar helps support more than 140,000 U.S. jobs in 18 states, and it backed up its arguments with more than $5 million in contributions to candidates for national office in the last election.
The food and beverage industry argues that the government support for U.S. sugar growers forces food and drink makers to pay more for sugar, a cost that is then passed on to consumers. Industry lobbyists kicked in more than $8.3 million in contributions to candidates, political parties, and other groups according to a report in The Wall Street Journal.
We noted in early April that the U.S. Department of Agriculture will decide by the first of July whether or not it will purchase up to 400,000 tons of surplus sugar which it will then sell at a discount to ethanol producers. The cost to taxpayers is expected to be around $80 million.
U.S. food and drink makers — and U.S. consumers — pay about 50% more for sugar than the world price according to the WSJ.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
