Washington - The U.S. Department of Agriculture (USDA) Economic Research Service (ERS) today projected net farm income to decrease $4.3 billion from 2017 to $59.5 billion in 2018, a 52 percent drop since 2013.
National Farmers Union (NFU) President Roger Johnson says the projection elevates the need for an increase in funding for farm programs:
“The farm economy has been on a sharp decline for five years, and projections do not indicate we’ll get much relief any time soon.
"In fact, this latest release from ERS indicates a majority of farmers have had negative farm income in recent years.
"Family farmers and ranchers have no control over this fate, and during times as tough as these, they need a strong safety net to help keep them on the farm.
“Congress must increase spending on farm programs that have not provided adequate relief to this point, and they must do so soon.
"We need a strong Farm Bill in 2018.”
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