On the recordDecember 11, 2024
Madam President, our farm economy is headed in a dark and scary direction. I hope all of my colleagues here in the Senate and on the other side of the Capitol recognize that. It is time for Congress to deliver meaningful assistance to our agricultural producers. They have been devastated by unprecedented market conditions and natural disasters over the last 2 years, and they need help recovering from both, not one or the other. I rise today to urge my colleagues to take action and to support those who support you. The economic landscape for farmers is looking more like the farm crisis of the 1980s every day. That is pretty scary. There is not a farm crisis looming--it is already underway--but it is not too late to keep it from snowballing out of control if Congress acts. The farm crisis of the 1980s--I remember so well--was one of the worst economic disasters since the Great Depression that decimated rural America and took years for many communities to recover from. Some never did. What caused the crisis? Inflation, high interest rates and production costs, low farm income, depressed crop prices, declining exports, and inadequate Federal price support policy. Does that sound familiar? The U.S. farm income has dropped $41 billion over the last 2 years-- the worst decline we have ever seen. Our trade deficit is expected to reach a record high of $45.5 billion for fiscal year 2025.…
Source
govinfo.gov




