US farm bankruptcies jump 20% in 2019 despite Trump bailout
US farm bankruptcies were up 20% in 2019, despite the billions of dollars in aid President Donald Trump has paid to farmers hurt by the trade war with China.
That's the highest level since 2011, following the Great Recession, according to court data analyzed by the American Farm Bureau.
There were 595 Chapter 12 family farm bankruptcies, nearly 100 more than in 2018, the trade group said.
Trump's trade wars created a lot of uncertainty about markets. Negotiations with Canada and Mexico -- two of US farmers' biggest export markets -- over the rewrite of the North American Free Trade Agreement went on for more than two years. China retaliated to Trump's tariffs with duties on a range of American farm goods. As a result, exports of soybeans to China nearly stopped for about a year. Prices plunged and a record number of soybeans to piled up in storage.
To make up for some of those losses, and shore up political support, Trump has allocated a $28 billion aid package for farmers over the past two years. Most of that money was paid to farmers directly, and about $4 billion was used to purchase surplus food for food banks and given to groups that promote agricultural aid.
The aid payments boosted farm income, which was projected to be up 10% in 2019. It would have shrunk without the subsidies.
But many farmers say they would rather have strong trade than aid payments, but the money has helped fill in the gap during a rough two years. Aside from the trade wars, last year's wet weather made planting season tough. And many American farmers have for years been facing low prices for their commodities, including dairy, corn and soybeans.
Wisconsin, long known as America's Dairyland, saw the most bankruptcy filings last year. Not every closing farm files for bankruptcy, suggesting that the number of farms going out of business could be even higher.
"This loss of farms and this number of farm bankruptcies is deeply disturbing, and completely predictable," said Kara O'Connor, government relations director at the Wisconsin Farmers Union. She blamed overproduction, farm policy, and low prices.
oh I am well versed on how to use google... you libs wanted us to provide links.. we do.. you call fake news but never follow your advise!
now i see you learned tricks from pencilneck..
demand from others that which you aren't willing to provide yourself...
nice try little man... life doesn't work that way .
You have the technology your just too afraid to use it
download.jpeg
AFRAID?
no i just expect YOU to live under the restrictions you have placed on us..
Kinda like I do my research and you do yours.. we both provide LINKS ( hyperlinks you do know what they are right?) to the information we post.. you know kinda like what a "fair journalist" would do.
your problem is you spout lies then like a lil boy you have told a lie but cannot tell the grownup of it because it will make you look like the liar and fool you really are! (along with these childish comments on your part)
if this is the way you perform at work, I'm surprised you lasted as long as Vindman did!
Bookmarks