US farm bankruptcies hit an eight-year high in 2019

US farm bankruptcies hit an eight-year high in 2019

According to data released by the United States Courts, family farmers filed 595 Chapter 12 bankruptcies in 2019, up from 498 filings a year earlier. 2019 recorded an eight year high in farm bankruptcies. Chapter 12 is designed for family farmers and fishermen to restructure their debts. The surge comes despite a $28 billion federal aid for farmers in the past two years.

Nomad
Nomad
white cis male monster!
white cis male monster! 1 months

So they are filing to restructure their debt not to go bankrupt, seems a little misleading to call it bankruptcy imo. Since the sources are on the left they will no doubt find a way to spin this and blame trump for the non bankruptcy surge while calling it bankruptcy.

Minor_Complex
Minor_Complex 1 months

Th government has highly incentivized the soybean and corn production in America. These and many other products now have a really low price tag because of supply and demand. Artificially inflated markets will inevitably burst. Every time I hear about farms struggling it's never livestock or grains or apples, it's ALWAYS corn and soybean farmers.

Cory Pritchard
Cory Pritchard 1 months

Stop subsidizing large corporate farms. They are bad for the environment as their overuse of pesticides and synthetic fertilizers run off into the river systems. Also they strangle small family farms and make it harder to turn a profit.

Robert
Robert 1 months

In my experience, this is at the individual level. Too many farmers refuse to see the writing on the wall. -Won't get out of dairy farming for the prestige, even though that has been failing for 20 years. -Going into chicken because Tyson's will finance you (with horrible terms that allow them to control weather you succeed or fail) Guess how that went when the economy recovered and people stopped eating as much chicken? -Trying to get into the allready oversaturated the corn and soybean market. -etc, etc There are ways to be successful: beef, fresh vegetables, fruit, nuts, sheep. But too many farmers have too much pride.

IvoryDove
IvoryDove 1 months

Corporate farms buy up the fertilizer companies, seed companies, fuel companies, equipment sales and rentals, and wholesalers. They surround the farmers on all sides, then demand that they either sell out or buy fertilizer, seed and fuel at jacked up rates while taking reduced prices for their crops. "Vertically Integrated", they claim they aren't a monopoly because they don't own any one level in the market, but they hamstring farmers and squeeze them out of business. They get away with it because they can take a portion of the profits and buy politicians who give them subsidies and craft laws that squeeze their competition into bankruptcy.

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