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You are so **** g'dammned stupid, Rog...ROG62 » 32 minutes ago » wrote: ↑ Declining Income, Rising Debt, Hart, of Iowa State University, said farmers have been in an economic slump since 2014. That’s when net farm income first started to fall.
Net farm income over the last 10 years, adjusted for inflation, peaked in 2013 at $139 billion (in 2020 dollars), according to USDA data. It declined over the next three years, falling to a low of $67 billion in 2016. Since then, it has increased, but not to the 2013 level. It was $87 billion in 2018.
“The farm balance sheet took its biggest hits in 2014 and 2015,” Hart said, “and for some farmers, the years since then have been a slow erosion of farm net worth (debts rising faster than incomes).”
The farm bureau noted that the “farm debt in 2019 is projected to be a record-high $416 billion.”Glauber, of the International Food Policy Research Institute, said that farmers “bought tons of equipment” after 2013 in anticipation of continued growth that didn’t fully materialize — in part because of domestic and global overproduction — resulting in higher debt levels cited in the farm bureau report.
Farm debt, adjusted for inflation, has increased every year since 2013, and is now “near the peak levels of the late 1970s and early 1980s,” according to an October report by the USDA’s Economic Research Service. At the same time, real estate prices have plateaued in 2014, the report said.
As a result, the farm sector’s debt-to-asset ratio — which is “a measure of a farm business’s leverage and is used by lenders as an indicator of bankruptcy risk” — has been on the rise since 2012, the report said.
Since 2012, “the market for land has weakened and the debt-to-asset ratio has trended upward,” the report said. “The debt-to-asset ratio is now above its 10-year average, though it remains low by historic standards.”
Glauber and Newton both stressed that the current plight of farmers, when put into historical context, isn’t close to the farm crisis of the 1980s.“If you look at all our reports on bankruptcies, we’ve indicated that while these bankruptcies are going up they are still well below the 1980s — the last time we had a farm crisis,” Newton, of the farm bureau, said.How far below the 1980s? As the chart below shows, farm bankruptcy filings peaked in 1987 at 4,812 — more than eight times the 595 filed in 2019 — according to a 2004 USDA report (appendix table 2).
https://www.factcheck.org/2020/06/exami ... tcy-claim/
you're a **** idiot...
