Here’s how it works. Ranchers grazing cattle on public lands pay just $1.35 per Animal Unit Month (AUM)—a fee so low it barely covers the cost of paperwork. This rate, unchanged for decades, is far below market value and amounts to a massive federal subsidy. Meanwhile, the government spends $144 million a year managing these programs but collects just $21 million in fees. That’s a $120 million net loss every single year. And who makes up the difference? You do.