Record agricultural subsidies will account for 40 percent of U.S. farm income this year

Trump promotes food boxes
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The federal government will send a record $46 billion to farmers this year, mostly in the South and Midwest, and the payments have "accelerated in recent weeks as the president looks to help his core supporters who have been hit hard by the double whammy of his combative trade practices and the coronavirus pandemic," The New York Times reports. "The breadth of the payments means that government support will account for about 40 percent of total farm income this year. If not for those subsidies, U.S. farm income would be poised to decline in 2020."

Even with the gush of cash from the White House, farmers are experiencing a rise in bankruptcies and declining sales, and bipartisan critics in Congress "have argued that small farmers have missed out on the bulk of the bailout, while large and some foreign-owned farms have benefited," the Times reports. The U.S. Department of Agriculture used an accounting trick to funnel some of the money to tobacco farms in North Carolina, savaged by China's retaliatory move to stop buying U.S. tobacco in 2018. Corn, soybeans, lobsters, and peanuts have also been pummeled by Trump's trade wars with China and Europe.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.