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Boozman: Dramatic Drop in Farm Income Drives Home Need to Enhance Farm Safety Net

WASHINGTON—U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, said the most recent farm income forecast underscores the need to make meaningful investments in the farm bill’s safety net programs. 

“We are witnessing the most rapid and steepest erosion in the farm economy of all time. This dramatic projected decline reflects what I’ve heard around the country from farmers and ranchers and is why I have repeatedly said that risk management tools must be enhanced in the next farm bill. Our current farm safety net is not equipped to handle the challenges our farmers are facing. The gravity of the situation drives home the need for Congress to make meaningful investments in the farm bill’s safety net programs,” Boozman said. “We must act now to give producers the risk management tools they need to succeed in the coming years. The farm bill is our opportunity to do that.”

Today, the U.S. Department of Agriculture released its most recent farm income forecast, a broad measure of farm profitability. The forecast expects farm income to fall by nearly $40 billion from last year to $116 billion. This follows a $29 billion decline from 2022 to 2023.

For more information, see U.S. Department of Agriculture, Economic Research Service. (2024, February 7). Farm Sector Income & Finances: Highlights from the Farm Income Forecast.