Wisconsin’s WHBY reports:
The number of farms seeking bankruptcy protection grew 24% over the last year, according to an American Farm Bureau Federation analysis of recent federal court data. The analysis found farm bankruptcies are rising fastest in the Northwest.
“We’ve seen low crop prices, low livestock prices for a number of years now,” said chief economist John Newton. “On the back, now, of that we have the trade war where agriculture’s been unfairly retaliated against.”
Newton monitors Chapter 12 bankruptcy filings as one measure of health for the farm economy. Chapter 12 is a kind of bankruptcy protection meant to help family farmers reorganize and keep farming.
Farm bankruptcies are up 24% this year as farmers grapple with the effects of Trump’s trade war and the devastating weather challenges caused by global warming. Nearly 40% of U.S. farm income will be provided by government insurance and taxpayer subsidies. https://t.co/dzt8C2u7c0
— Jon Cooper 🇺🇸 (@joncoopertweets) November 5, 2019
WHILE YOU WERE TWEETING…The President tweeted 75 times this weekend. Meanwhile, farm bankruptcies up 24%, drug prices way too high, CA burning & more gun violence. How about a ☎️ to Mitch McConnell instead to pass the House-passed bills sitting on his desk? I have the number.
— Amy Klobuchar (@amyklobuchar) November 4, 2019