Earlier this year, USDA projected a 24 percent decline in annual net farm income. Agriculture Secretary Tom Vilsack remains hopeful the situation will improve. “Oftentimes, that first projection is quite pessimistic and I’m hopeful that we’ll see an uptick over the year.” Vilsack said U.S. agriculture could withstand a downturn in the economy due to three years of strong farm income “which has created strong liquidity in farm country, both in the ability to both meet short-term and long-term responsibilities and financial requirements.”
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