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Thu Oct 31, 2019, 10:32 AM

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

Kevin M. Kruse Retweeted

And Republicans plan to run against socialism?



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.”



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



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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