House Agriculture Committee Ranking Member Glenn “G.T.” Thompson says the squeeze of inflation and rising input costs scratch the surface of challenges faced in agriculture. “The critical Title 1 support programs, ARC and PLC, spent about 24 percent less than expected in the four years after passing the 2018 Farm Bill. The ten-year expected costs of these programs are down $7 billion.” Thompson says the lower spending would normally be a positive, due to the higher commodity prices, but it’s not translating to higher profitability for farms. “In just one year, the cost-per-acre for nitrogen fertilizer is up 130 percent. Farm diesel prices are up 110 percent and according to USDA’s Economic Research Service, farm production expenses are expected to jump by more than $20 billion in 2022. We must weigh these factors as we consider necessary reforms to farm bill programs.”
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