According to the latest figures, the collective debt among American farmers has now reached an astounding $409 billion, up from $385 billion last year. This represents the highest debt level since the agricultural recession, or farm crisis, of the 1980s, reports indicate.
"Farm debt has been rising more rapidly over the last five years, increasing by 30% since 2013 – up from $315 billion to $409 billion, according to USDA data, and up from $385 billion in just the last year – to levels seen in the 1980s," Agriculture Secretary Sonny Perdue recently told the public.
"Relatively firm land values have kept farmer debt-to-asset levels low by historical standards at 13.5%, and continued low-interest rates have kept the cost of borrowing relatively affordable," he added. "But those average values mask areas of greater vulnerability."
For more news about America's spiraling debt crisis, be sure to check out DebtCollapse.com.
President Trump's trade war is hurting American farmers, economists say
Besides deflationary trends in commodity prices and erratic weather patterns that have destroyed crops, another major factor driving farm debt are supply chain disruptions in China resulting from President Donald Trump's trade war with the communist country.
According to Texas A&M University agricultural economist Luis Ribera, American farmers are struggling to keep up with all the changes going on both domestically and around the world, which is pushing them into greater debt, which will inhibit their ability to stay afloat in the future.
"As producers are not able to cover year to year expenses with operating loans, they are forced into transforming operating loans into term debt which erodes their creditworthiness," Ribera says.
"On top of all that, then we have the trade war which reduces the demand for U.S. commodities given that tariffs make them more expensive and then depress the prices even more."
According to U.S. Department of Agriculture chief economist Robert Johansson, farm exports are expected to plummet by nearly $2 billion this year, which will only further deepen the ongoing trade war.
If AOC and her brain-dead socialist acolytes get their way, everyone on the planet will STARVE
Meanwhile, AOC wants to harm the American farming industry even more by going after things like tractors and combines, which she believes are contributing to "global warming" and the collapse of planet Earth.
Having grown up and lived all of her life in the city rather than in rural areas, AOC has no clue that farming equipment requires fossil fuels in order to operate it. Without it, food crops wouldn't get planted, watered, fertilized, harvested, processed, or shipped to the grocery store – which means everyone would starve.
"In pushing this plan, Alexandria Ocasio-Cortez appears to be either economically illiterate or intending to unleash mass starvation and suffering across the nation," writes Mike Adams, the Health Ranger, about AOC's GND insanity.
"Does she not realize there is no such thing as wind-powered farm tractors or solar-powered long haul big rig trucks? There are no battery-powered commercial jet airliners, either, and the entire infrastructure for agriculture depends almost entirely on heavy equipment that runs on combustion engines."
The truth of the matter is that, within our current paradigm, there's simply no way to produce enough food for everyone without fossil fuels. And if AOC's GND is implemented, it will result in mass depopulation around the world – which, perhaps, is what she and the Democrats are hoping to achieve.
Sources for this article include:
Please contact us for more information.
