Farm Bureau: Almost 40% Of 2019 Farm Income Will Come From Gov’t Aid, Insurance
The Department of Agriculture predicts U.S. farmers will pull in about $88 billion in 2019, but nearly 40 percent of that money will come from President Donald Trump’s farm bailout, disaster assistance and insurance, according to the American Farm Bureau Federation.
American farmers “are feeling the squeeze from China’s retaliatory tariffs, extreme weather and record-high farm debt that's driving farm bankruptcies,”Axios noted — and this is a key constituency for Trump’s re-election hopes.
Farm and fishery bankruptcies are up 24 percent from last year, reaching the highest level in nearly a decade.
While Trump’s farm bailout package and other remedies are expected to ease the pain for some farmers, the AFBF noted that “not all farmers will benefit from trade assistance, farm bill programs, crop insurance or disaster aid.”
“As a result,” the report said, “it could take some time for the financial relief to manifest in the farm bankruptcy trends.”