Farm Bureau - Farm Bankruptcies Up 24% In 12 Months Ending September 2019 - Worst Since 2011
American farm bankruptcies have surged by 24% during the past nine months, according to a new American Farm Bureau Federation report. "Data from the U.S. Courts reveals that for the 12-month period ending September 2019, Chapter 12 farm bankruptcies totaled 580 filings, up 24% from the prior year and the highest level since 676 filings in 2011.” A considerable amount of this can be traced to Trump’s trade war with China, coupled with rising issues of climate change.
The report explains that farm debt is projected to be at a record high $416 billion this year and farmers have continued to extend their loan repayments. “Put simply, farmers are taking longer to service their debt—a trend made easier due to historically low interest rates.”
Not since 2011 has the United States seen this level of farm bankruptcy activity. The report explains that while net farm income is projected to be very high this year, almost one-half of that comes from government subsidies like trade aid, disaster assistance, federal subsidies, and insurance payments. And while the entire country is facing tough times, the places dealing with the highest economic stresses seem to be, unsurprisingly places conservatives have peddled their pretend populism most successfully.
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https://www.dailykos.com/stories/2019/10/31/1896323/-American-farm-bankruptcies-are-up-24-in-2019-highest-since-2011
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