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Examining Support for US Farmers: The 2025 Ad Hoc Economic Assistance Programs
The 2024 American Relief Act, a disaster aid initiative, went above and beyond providing compensation for losses of equipment, structures, and roads by including $10 billion for farmers whose crops had lower market prices in 2024.
Farm interest groups claimed that farmers faced financially catastrophic losses because of lower prices for corn, wheat, cotton, soybeans, and other crops in 2024.
However, the sector’s overall farm income in 2024 was forecast to be well above its recent longer-run average. Moreover, the sector experienced record-high equity levels and a low debt-to-asset ratio of 13.7 percent because of higher prices and well-above-average farm income over the previous three years.
Thus, a $10 billion bailout because of low prices for some crops in one year was probably not justified, especially as there was no credible threat to the nation’s food supply chain or grocery prices.
Farm interest groups claimed that farmers faced financially catastrophic losses because of lower prices for corn, wheat, cotton, soybeans, and other crops in 2024.
However, the sector’s overall farm income in 2024 was forecast to be well above its recent longer-run average. Moreover, the sector experienced record-high equity levels and a low debt-to-asset ratio of 13.7 percent because of higher prices and well-above-average farm income over the previous three years.
Thus, a $10 billion bailout because of low prices for some crops in one year was probably not justified, especially as there was no credible threat to the nation’s food supply chain or grocery prices.
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