Farmer bankruptcies swell to decade high in Farm Belt

[workinclasszero]

Shannon Vavra15 hours ago

U.S. farmers in the Midwest are filing for bankruptcy at levels the U.S. hasn’t seen for approximately a decade, the Wall Street Journal reports.

What's happening: Low commodity prices have been gouging U.S. farmers’ bottom lines for years now, exacerbated by increasing agricultural competition from Russia and Brazil. President Trump’s trade disputes, meanwhile, are adding salt to the wounds, as tariffs drive down prices and decrease profit for farmers.

In the 7th Circuit Court of Appeals, which includes Illinois, Indiana and Wisconsin, twice as many farmers declared bankruptcy in 2018 as during the 2008 recession.

In the 8th Circuit, which spans from North Dakota to Arkansas, bankruptcies shot up 96%.

In the 10th Circuit, which includes Kansas, Colorado and parts of Oklahoma, bankruptcies were up 59%. Together, these three jurisdictions accounted for nearly 50% of all farm product sales in 2017, per the Journal.

https://www.axios.com/farmer-bankruptcies-decade-high-midwest-f85721f6-4478-4e5b-b49d-7df88010d7cc.html

[llmart]

1. To the ones who voted for him and say they'll vote for him again...

I say, "cry me a river". Or better yet, I don't give a rat's ass.

[bobbieinok]

2. Major farm bankruptcies in 70s led to loss of farms, destruction of small towns

Farm bankruptcies enabled agri-businesses to buy up farms on a massive scale.

People leaving farms meant there were many fewer coming in to nearby towns. That meant fewer customers, so stores closed. Fewer students, so schools closed.

In 80s deregulation of transportation meant Greyhound, Trailways cut service to small towns way back or eliminated service completely.

Whole cycle devastated farm states. Eg, 1968 IA had 6 House Representatives, today only 4.

Drastic population loss means smaller tax base to support public schools, higher education, etc.

Also bankruptcies led to suicides of farmers who could no longer support families, keep farm that had been in family nearly 100 years.

[dalton99a]

4. +1

[Maru Kitteh]

6. Rain on the scarecrow, blood on the plow.

[Hortensis]

3. This is in spite of attempts to soften policies in trumpster areas.

[LiberalFighter]

5. And they had nothing to do with the estate tax.