U.S. farm debt is at highest point since 1980s agriculture crisis
American farmers are having trouble navigating a financial maize.
U.S. farm debt is the highest its been since the 1980s when the agriculture community was last in calamity, reports Reuters. The amount of debt has risen to over $400 billion, and loan demand is "historically high," per Reuters.
The current crisis is being caused by weakness in commodity prices, weather damage to crops and a loss of profitable export markets like China, Reuters reports.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
President Trump announced last year that the government would supply $12 million in aid to farmers in order to offset economic losses from tariff hikes. But farmers have made it clear they would rather trade relations go back to normal than receive a bailout from the government.
Thousands of farm operations saw a financial slump in the 1980s when low crop prices impacted farmers' ability to pay high-interest land and equipment loans, per Reuters.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Marianne is The Week’s Social Media Editor. She is a native Tennessean and recent graduate of Ohio University, where she studied journalism and political science. Marianne has previously written for The Daily Beast, The Crime Report, and The Moroccan Times.
-
Saint Paul de Vence: a paradise for art lovers
The Week Recommends The hilltop gem in the French Riviera where 20th century modernism flourished
By Alexandra Zagalsky Published
-
'People in general want workers to earn a decent living'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
What might a Trump victory mean for the global economy?
Today's Big Question A second term in office for the 'America First' administration would send shockwaves far beyond the United States' shores
By Rafi Schwartz, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published