Wednesday, August 15, 2007

Food Prices on the Rise

I'm not familiar with McClatchy, but found this article on rising food prices an interesting read. The author offers one amazing statistic: "Half the nation's families earn below the median family income of about $56,000."...well, no shit, half the people are below the median. It's even more amazing that half earn more than the median.

Aside from the bad statistics, the other arguments and evidence present an interesting economic problem. How can we claim the economy is strong when the price of some of our most basic necessities are rising at a rate 3x inflation? At some point, the lower classes of society will not be able to pay for food. I can't see prices coming down as oil prices show no sign of coming down. Advocates for sustainable agriculture have long said that we don't pay the true cost for our food (this statement includes the environmental impact and artificially low costs due to agriculture subsidies).

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