Monday, September 08, 2008

Chart of the Day

Increased prices, from Professor Mark Perry at Carpe Diem:

source: "Crop price increases . . . are from the Chicago Fed's August 2008 Agricultural Newsletter, and crude oil is from the St. Louis Fed."

Perry asks:
What about a windfall profits tax on corn and soybean farmers? After all, the prices for their products have increased more than oil over the last year, 69% and 88% for corn and soybeans vs. 61% for oil. And compared to two years ago, corn (162%) and soybeans (153%) have increased more than two times as much as oil (59%), even more reason to impose a windfall profits tax on Big Corn and Big Soybeans. And don't forget wheat, it's increased in price by 92% over the last two years, so let's impose windfall profits taxes on Big Wheat.

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