By Jamie Martin
The USDA’s Net Farm Income Report has raised concerns about the state of the farming economy, with net farm income dropping by 23% compared to 2022. This significant downturn is causing alarm within the agricultural community, as expressed by Zippy Duvall, president of the American Farm Bureau Federation.
“Losing a quarter of income in two years is devastating for any household, let alone for our farms,” Duvall said. “This isn’t just a short-term setback; it’s a warning sign of a much deeper problem.”
According to Duvall, a combination of factors is contributing to the income decline. Farmers are dealing with inflation, fluctuating crop prices, severe weather events, and rising costs in areas such as labor, interest rates, and property taxes. Compounding these issues is an outdated farm safety net, which is often ineffective in addressing current risks.
Duvall stressed the importance of passing a new farm bill to help struggling farmers. “It’s been more than 100 days since a bipartisan farm bill passed the House Agriculture Committee, but no further action has been taken,” he said. “Our farmers need Congress to act now and pass a modernized farm bill that reflects the challenges they face today.”
The USDA report makes it clear that farmers across the country need immediate assistance, highlighting the critical role that updated federal legislation can play in ensuring the stability of America’s agricultural sector.
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Categories: National