U.S. Farm Bankruptcies Surge 24% on Strain From Trump Trade War

[mahatmakanejeeves]

Kevin M. Kruse Retweeted

And Republicans plan to run against socialism?

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Gulp...

“Almost 40% of projected farm profit this year will come from trade aid, disaster assistance, federal subsidies and insurance payments, according to the report, based on Department of Agriculture forecasts. That’s $33 billion of a projected $88 billion in income.”

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U.S. farm bankruptcies surged 24% in September, to the highest since 2011, amid the trade war and a year of wild weather

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Economics
U.S. Farm Bankruptcies Surge 24% on Strain From Trump Trade War
By Mike Dorning
October 30, 2019, 12:03 PM EDT
> Farmers increasingly dependent on federal aid, crop insurance
> Bankruptcies rise to highest since 2011, farm group says

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U.S. farm bankruptcies in September surged 24% to the highest since 2011 amid strains from President Donald Trump’s trade war with China and a year of wild weather.

Growers are also becoming increasingly dependent on trade aid and other federal programs for income, figures showed in a report by the American Farm Bureau Federation, the nation’s largest general farm organization.

The squeeze on farmers underscores the toll China’s retaliatory tariffs have taken on a critical Trump constituency as the president enters a re-election campaign and a fight to stave off impeachment. The figures also highlight the importance of a “phase one” deal the administration is currently negotiating with Beijing to increase agriculture imports in return for a pause in escalating U.S. levies.

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Almost 40% of projected farm profit this year will come from trade aid, disaster assistance, federal subsidies and insurance payments, according to the report, based on Department of Agriculture forecasts. That’s $33 billion of a projected $88 billion in income.

The trade war and two straight years of adverse weather rattled farmers already facing commodity price slumps.
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[democratisphere]

1. WTF will it take for the farmers to wake up and stop supporting

drumpf who has, or is, putting them in ruin?! Damn!

[Indykatie]

2. The Damage Trump has Done to Farmers Can Not Be Undone. Some Markets are Gone Forever.

If farm failures are surging despite the government bail outs imagine what they would look like without them. While i expect Trump to continue some form of bail outs leading up the election at some point they will end.

[Wellstone ruled]

3. Let's add this to the mix.

Changing Dietary needs and Consumer preference for less Meat and Dairy are Colliding with the loss of Foreign Markets which will not come back for a couple decades.

The Feed and Fertilizer Companies are standing by to scoop up America's Farm Land at Bankruptcy prices.

[Midnight Writer]

4. The rich will buy up these farms at bargain prices. Another upward transfer of wealth.

And another occasion of citizens voting against their own best interests.