Net Farm Income drops 23%, raising concerns for agricultural sustainability
The USDA’s latest Net Farm Income Report presents alarming news for the agricultural community, showing a 23% decrease in net farm income compared to the previous year.
Zippy Duvall, president of the American Farm Bureau Federation, expressed concern, stating that such a significant loss in income is unsustainable for American farms.
“How many households could withstand losing a quarter of their income in just two years?” Duvall asked. “This isn’t a simple economic dip—it’s a clear sign of an agricultural downturn.”
Several factors are driving this decline, including inflation, severe weather, plummeting crop prices, and escalating costs for labor, interest expenses, and property taxes. Adding to the pressure is an outdated farm safety net that often fails to activate in times of need, leaving family farms vulnerable to financial stress.
Duvall emphasized that Congress must act by passing a new farm bill. Despite the House Agriculture Committee’s bipartisan farm bill, further legislative progress has stalled. “We need a modernized farm bill that reflects today’s challenges,” Duvall said.
The report underscores the urgent need for legislative action to provide relief for American farmers and protect the future of agriculture.