“Farmageddon”: Trump Announces More Emergency Bailouts As U.S. Farm Debt Soars To $416 Billion

“Farmageddon”: Trump Announces More Emergency Bailouts As U.S. Farm Debt Soars To $416 Billion by Michael Snyder for End of the American Dream

President Trump just announced yet another round of emergency bailouts for U.S. farmers.  This emergency aid will be greatly welcomed by countless struggling farmers, but a few thousand dollars won’t be nearly enough to save most of the farms that are on the verge of failing.  Coming into 2019, farm debt was already at a record high and farm bankruptcies were already rising.  But then crazy weather patterns made planting season a complete and utter mess, and more crazy weather patterns have turned harvest season into a major disaster.  On top of everything else, the Trump administration’s trade dispute with China has greatly reduced U.S. agricultural exports and hurt prices.  This has been an absolutely nightmarish year for U.S. farmers, and a series of government bailouts hasn’t done much to ease the pain.

Realizing that more emergency intervention was necessary, President Trump just announced that another round of bailouts is on the way

U.S. President Donald Trump on Sunday welcomed a “cash” payout to American farmers before the Thanksgiving Day holiday that he attributed to China tariffs, but that money actually is part of a U.S. government aid package.

“Our great Farmers will recieve (sic) another major round of ‘cash,’ compliments of China Tariffs, prior to Thanksgiving,” he wrote on Twitter.

According to Fox Business, the Trump administration is telling us that the U.S. Department of Agriculture “issued the payments on Friday, and they will begin the week before Thanksgiving”.

So many farming families will receive an unexpected blessing just in time for the holidays.

But all of these bailouts have not kept farm bankruptcies from shooting up rapidly.  In fact, the American Farm Bureau says that U.S. farm bankruptcies are up a whopping 24 percent over the last 12 months…

Nationwide U.S. farm bankruptcies in September surged 24% to their highest level since 2011 amid strains from President Trump’s trade war with China and a year of wild weather.

In the 12 months through September, there were 580 Chapter 12 farm bankruptcy filings, the most since 2011, the American Farm Bureau Federation reported.

Farming is a very tough business.  It takes an immense amount of capital, and one bad year of really bad weather can ruin everything.

And the weather in 2019 has been absolutely abysmal.

In essence, what we have been witnessing is something of a “perfect storm” for farmers.  For so many of them, 2019 was a “make or break year”, because unsustainable debt levels had already pushed them to the brink of insolvency.

If you can believe it, the U.S. Department of Agriculture is projecting that U.S. farm debt will soon reach a grand total of 416 billion dollars

U.S. farm debt is projected to reach a record high of $416 billion, according to the U.S. Department of Agriculture.

Let’s do some quick math.  There are about 2 million farms in the United States, and when you divide $416 billion by 2 million, you get $208,000.

That means that the average farm in the United States is now more than $200,000 in debt.

And when bad weather wipes out your income for the year, that much debt can be absolutely crippling.

Continue Reading / End of the American Dream >>>

Sharing is caring!

Michael Snyder

I am a voice crying out for change in a society that generally seems content to stay asleep.  My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I have written four books that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters.  (#CommissionsEarned)  By purchasing those books you help to support my work.  I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I can only allow this to happen if this “About the Author” section is included with each article.  In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished.  This article may contain opinions on political matters, but it is not intended to promote the candidacy of any particular political candidate.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.