The agriculture slump is getting so bad in the U.S. that farmers are about to get more government aid than at any time in the past decade, signaling the rising public cost of crop surpluses and cheap food.
About $13.9 billion of net farm income this year will be federal payments, or about 25 percent of total profit estimated at $54.8 billion, according to estimates by the U.S. Department of Agriculture. That’s the biggest payout and highest ratio since 2006, as programs authorized by Congress two years ago cost more than originally forecast.
Farmers will earn less than half what they did just three years ago, before global surpluses sent commodity prices plunging. Corn and soybeans, the biggest U.S. crops, are so cheap that farmers are expecting to lose money on every acre they plant this season. That’s putting a bigger strain on government safety nets for agriculture.
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3 comments:
If they can grow so much and there is such a surplus whats the purpose of GMO crops? Seems to me its just another reason to keep the farmers coming back to Monsantos every year for repeat business.
How much of this is going to US Farmers and how much is going to Foreign entities that own US farms? The true facts would be nice to know.
And then there are the many U.S. politicians who own farms that receive millions in subsidies. They're no fools.
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