Anti-Trumpers agree: The president’s trade battle with China is hurting our economy and, in particular, America’s farmers. We are told that the tariff tiffs have caused a collapse in U.S. agricultural exports to China, and consequent heartbreak in our heartland.
It isn’t true.
As with most criticisms lodged against the Trump White House, this oft-repeated narrative is way overblown. Turns out, far from suffering what CNBC recently described as “a devastating year for farmers” the farmers of America overall are doing quite well.
The Department of Agriculture recently forecast that net farm income will rise nearly 5 percent this year, to $88 billion. That growth comes on top of increases in both 2017 and 2018 and is, just for the record, faster than the overall growth of the economy.
For sure, times could be better. The forecast for this year means that real net farm income would come in 36 percent below its peak of $136.5 billion in 2013 and slightly below its 2000-18 average ($90.1 billion). Farmers suffered a severe drop in total revenues during the Obama years, collapsing from $484 billion in 2013 to $412 billion in 2016. Weirdly, I don’t remember the media paying much attention.
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5 comments:
How can Farmers fail when the government pays them NOT to grow crops?? Been doing it for decades. FACT!!
Farmers have been made heroes for collecting money not earned . They get money for not growing , for growing , insurance money for crop damage paid for by you and I , it's a win win job. I don't feel sorry for any farmer.
Welfare for Farmers. How socialist!
FARMERS feed the world.If they suffer 2 or 3 bad years in a row our food reserves could be depleted and FOOD prices will go through the roof.They can grow enough food to survive themselves but what about you? I SUPPORT THE FARMERS.
My father and his brothers worked 40 hour a week jobs and farmed their inherited property. What a waste of time. Before my father died we figured out 40 years of part time farming amounted to 4 cents an hour. He was sorry we did not go surf fishing more. I gave my parcel to my cousins it won't even perk for development and they are too lazy to farm it. So was I.
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