This is the big problem with corn ethanol - it is energy negative!
Probably not. I suppose you could say it is open to debate, but the consensus seems to be for positive energy output with current methods. Also perhaps worth noting is that the parent commented on biofuels in general, whereas you focused in on one particular biofuel from a source that happens to be a bad idea pretty much all the way around. I can see the rationale for using surplus corn for ethanol if you have to use it (the surplus corn). But you're probably better off storing it until pricing/supply supports using it as some form of food or feed.
Better methods are coming along, though. Cellulosic ethanol seems promising since it can use non-food feedstock, including existing agricultural waste streams or switchgrass, kudzu or other fast-growing non-commercial plants. Biodiesel from jatropha or other non-food crops are still a possibility, especially where small scale production can work, but algae and pond scum have several advantages over plant crops, and there are companies working on commercial scale implementations now. There is also biodiesel from waste vegetable oil -- either processed, or just filtered and used as-is in slightly modded diesels. And then there is thermal deploymerization of agricultural waste into diesel/fuel oil, which has been going on commercially for a few years now.
Any or all of these can fit into our existing infrastructure, so as petroleum hydrocarbons become more expensive (and/or tech improves for the alternatives), they'll start to become players in the market.