This year’s U.S. net farm income is expected to be down 26 percent from 2023. USDA economist Carrie Litowski cites lower commodity prices, less government support and higher farm expenses. “Net cash farm income is forecast at $160.4 billion for 2023 and it’s forecast to fall to $121.7 billion in 2024. That’s a decline of almost $39 billion.” Farm input costs are forecast to increase nearly four percent. In a statement, Agriculture Secretary Tom Vilsack said the Biden Administration has taken “unprecedented actions” to support small and mid-sized producers. Senate Agriculture Committee Chair Debbie Stabenow reacted to the USDA announcement, saying now is the time to act on a new farm bill. Ranking Member John Boozman said U.S. agriculture is going through “the most rapid and steepest erosion in the farm economy of all time” and work must be done to improve the farm bill safety net.
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