Tobacco Buyout Awaits Approval

Source from:  Laura Barron WNCT-TV9 10/10/2004

Tobacco farmers in the East are in high spirits, and they have a reason to be. The U.S. House of Representative's passed a 10.1 billion dollar buyout of tobacco quotas. "It's like ten Christmas' rolled into one." Sammy Tant comes from a long line of tobacco farmers. His father bought the farm in 1946. But like many other tobacco farmers, he needs a buyout. "We've had almost 60 percent of our quota cut and now we've got the opportunity to get some of this money back." If the 10.1 billion dollar buyout becomes law, farmers would be compensated for money they've lost from a depression-era quota system. Tant says, "We've depleted our assets staying in business over the last couple of years, just to stay in business. Basically, we've been subsidizing out of our retirement." The buyout would dump an estimated four billion into the state, giving tobacco farmers the means to compete on a worldwide scale. Tant says it will give them a much-needed edge. "Right, we'll be on the free market and we'll be able to grow tobacco just like Brazil, Zimbabwe, and other countries in the world just like we grow cotton and soybean, we'll have to be more market conscience." But right now Tant says farmers are awaiting word on the buyout with hope. "No matter how bad things get a farmer holds on to hope next year will be better. And I think this year with the tobacco buyout, next year will be a year that's truly better." Again, the buyout still has to pass through the senate for tobacco farmers to get the money. If it does pass, farmers will have the option of receiving their money all at once or over a period of ten years. Enditem