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Not even important? It's very important to the rural farming states - Trump's base. There are more farmers and farms than there are coal miners and coal mines. There are more farmers and farms than there are steel mill workers and steel mills.
It's not important.
Looks to me like farmers are doing far, far better than almost any other industry. 580 bankruptcies out of over 2,000,000?
You're groping. The OP ran the headline breathlessly declaring that bankruptcies were up by 24%!!, as if it were tragic.
It's not.
Trump is desperate for a deal, and the Chinese are skinning him alive.
You couldn't have it more backwards. The trade war is hurting certain segments of the US economy while whalloping the entire Chinese economy. Imports were down by more than $35B first half of 2019 versus 2018. Chinese manufacturers are struggling to stay afloat. Much US consumer demand has shifted to other countries and that will be permanent.
Bankruptcy (farming) doesn't happen in a vacuum, like most everything... it happens in context. Weather, markets, consumer cycles, disease, etc. However if 2019 is your benchmark year, I'll assume next year you'll post data even if it's positive? Is that a reasonable assumption? and you'll hold yourself to that standard?
I'll await your answer.
Ok. I'll see you same time next year. Hope you don't get too bored waiting.
How many farms are in the US? ..... 2,029,200.
Of those 2,029,200 farms, how many declared bankruptcy? ....... 580.
Is this some kind of national emergency? .......... No. It's not even very important.
Farmers are farming their equity. They won't go bankrupt until their bankers run the numbers and decide they won't get any more operating loans. Prevent Plant crop insurance bailed out 2 million acres last year that isn't even reported as part of Trump's subsidy, because it was part of the farm bill.
Almost all farm bankruptcies last year were dairies. In theory, low feed prices should have improved dairy profitability, but Trump's trade war with the EU, which gets no press at all, cut the market for milk solids. Americans are also drinking less milk. You may have noticed that Bordens declared bankruptcy. That's just the tip of the iceberg. Wisconsin lost 10% of its dairies in 2019.
Farmers are farming their equity. They won't go bankrupt until their bankers run the numbers and decide they won't get any more operating loans. Prevent Plant crop insurance bailed out 2 million acres last year that isn't even reported as part of Trump's subsidy, because it was part of the farm bill.
Almost all farm bankruptcies last year were dairies. In theory, low feed prices should have improved dairy profitability, but Trump's trade war with the EU, which gets no press at all, cut the market for milk solids. Americans are also drinking less milk. You may have noticed that Bordens declared bankruptcy. That's just the tip of the iceberg. Wisconsin lost 10% of its dairies in 2019.
580 out of 2,000,000 is no big deal.
The Dems will wiggle and squirm and write headlines but 580/2,000,000 = .029%
Talk about something else. You're losing this one.
Now only are bankruptcies skyrocketing, the total farm debt for 2019 is expected to hit $416 billion, a record high.
That's almost half a freaking trillion
No wonder Trump admin is pumping billions of tax payer dollars into keeping at least some of them on the surface.
Quote:
MOORE: It is a multiple of factors. Well, you've got to look over the last six years. Net farm income six years ago was around $132 billion - kind of a macro number. If you take away the government payments that have been big help for that, it's down around $69 billion. So we've lost nearly half net farm income. - Dale Moore, the vice president of the American Farm Bureau Federation.
"Total direct payments to the nation's estimated 2 million farms are expected to surge to $22.4 billion this year, a 64% increase over 2018 and the highest rate paid out since 2005."
580 out of 2,000,000 is no big deal.
The Dems will wiggle and squirm and write headlines but 580/2,000,000 = .029%
Talk about something else. You're losing this one.
Your ignorance is showing. Chapter 12 has a $5 million dollar limit. Those are only small farm numbers. The US has lost 18% of its dairies since 2016, almost all of them above the Chapter 12 limit.
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