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Re: U.S. farm bankruptcy rates jumped 20% in 2019 - to an eight-year high

By: oldCADuser in FFFT3 | Recommend this post (0)
Fri, 31 Jan 20 6:10 PM | 32 view(s)
Boardmark this board | Food For Further Thought 3 		Msg. 55421 of 65535
(This msg. is a reply to 55411 by clo)
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And in the case of the so-called 'auto bailout', the government recovered every dime spent, and then some. For the money given to the auto companies, the federal government got company stock, which was later sold, for a profit. What are we getting for the money given to the mega-farm corporations, some of them owned by foreign investors, including the Chinese themselves? At least with the auto bailout, the vast majority of the money stayed here.




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U.S. farm bankruptcy rates jumped 20% in 2019 - to an eight-year high
By: clo in FFFT3
Fri, 31 Jan 20 1:01 PM 		Msg. 55411 of 65535

Keep in mind, Trump's bailout for the farmers cost twice as much as the auto bailout during the recession. That's the one republicans screamed about...

U.S. farm bankruptcies hit an eight-year high: court data
P.J. Huffstutter
3 MIN READ

CHICAGO (Reuters) - U.S. farm bankruptcy rates jumped 20% in 2019 - to an eight-year high - as financial woes in the U.S. agricultural economy continued in spite of massive federal bail-out funding, according to federal court data.

According to data released this week by the United States Courts, family farmers filed 595 Chapter 12 bankruptcies in 2019, up from 498 filings a year earlier. The data also shows that such filings - known as “family farmer” bankruptcies - have steadily increased every year for the past five years.

Farmers across the nation also have retired or sold their farms because of the financial strains, changing the face of Midwestern towns and concentrating the business in fewer hands.

“I just had a farmer contact me last week, telling me he can’t get financing for his inputs this year and he doesn’t know what to do,” said Charles E. Covey, a bankruptcy attorney based in Peoria, Illinois.

Chapter 12 is a part of the federal bankruptcy code that is designed for family farmers and fishermen to restructure their debts. It was created during the 1980s farm crisis as a simple court procedure to let family farmers keep operating while working out a plan to repay lenders.

The increase in cases had been somewhat expected, bankruptcy experts and agricultural economists said, as farmers face trade battles, ever-mounting farm debt, prolonged low commodity prices, volatile weather patterns and a fatal pig disease that has decimated China’s herd.

Even billions of dollars spent over the past two years in government agricultural assistance has not stemmed the bleeding.

Nearly one-third of projected U.S. net farm income in 2019 came from government aid and taxpayer-subsidized commodity insurance payments, according to the U.S. Department of Agriculture.

more:
http://www.reuters.com/article/us-usa-farms-bankruptcy/us-farm-bankruptcies-hit-an-eight-year-high-court-data-idUSKBN1ZT2YE

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