Corn's false economy

The cover story of this week's Time Magazine blows the lid on biofuels. Turns out all the corn that is now being grown for biofuels is driving up food prices - cereal is up 20% - and actually making global warming worse.
One factoid: a person can eat for a year on the same amount of corn used to make a tank of gas for an SUV. Yikes. Switchgrass isn't much better but it seems Government subsidies and VC dollars are ignoring the fact. Crazy!