Farmers will see around 10 percent less income this year, but it is a situation they have been preparing for.
USDA has farm income landing around 4.5 percent down from last year. But when adjusted for inflation, it is down nearly 7 percent, which is a $10 billion drop, and 28 percent lower than record highs seen in 2022.
The Farm Bureau says this new information highlights the need for an updated Farm Bill.
“We’re going to keep holding Congress’s feet to the fire and pushing for a farm bill. There isn’t that much time left in opportunity on the Hill in terms of getting legislation done. But we think this is to be the utmost priority, and that even though Congress is going to be back in their home districts for the election, this needs to be a priority,” said Betty Resnick.
Farm Bureau President Zippy Duvall responded to the new numbers, saying, “The drop in net farm income is not just an economic hiccup, it’s evidence of an agricultural downturn. High inflation, severe weather, and plummeting crop prices should serve as a wake-up call for Congress to finally step up and do the right thing by modernizing the farm bill.”
