American Farm Bureau Federation President Zippy Duvall commented on USDA’s net farm income data, which shows a 23 percent drop in on-farm income since 2022.
"The drop in net farm income is not just an economic hiccup, it’s evidence of an agricultural downturn. High inflation, severe weather and plummeting crop prices should serve as a wake-up call for Congress to finally step up and do the right thing by modernizing the Farm Bill.
“We've lost 141,000 farms in five years—is Congress going to wait to act until we lose another 150,000 or 300,000? It has been two years of kicking the can down the road when it comes to the Farm Bill, and there is no road left for some farmers in light of the current economic realities and antiquated safety net programs. Congress is failing America’s families, not just on the farm, but in every home that relies on the safe, affordable food grown by the men and women who work year-round to provide it.
"It’s been more than 100 days since the House Agriculture Committee passed a bipartisan bill that addresses the needs of farm and ranch families. Since then, there has been no action in either chamber. I call on our elected leaders to show they are capable of putting politics aside—as they have in the past—to pass a new modernized farm bill. It can be done. It must be done."
Even when net farm income was higher, more than half of the farms in the U.S. were not profitable, according the 2022 Census of Agriculture. Currently, farmers are paying the highest dollar amount ever on interest, labor and taxes based on the USDA report.