Farmers and ranchers have endured a 45 percent drop in net farm income over the last three years, the largest three-year drop since the start of the Great Depression. The most recent ERS report now tells us that net farm income will be down again in 2017. Overall, ERS is forecasting a 50 percent drop in net farm income since 2013. With no relief in sight, it is more important now than ever to protect the Farm Bill and push back against attacks on the risk management tools that are vital to protecting U.S. farmers and ranchers.
With this in mind, each of the six subcommittees will examine growing pressure in rural America from the perspective of the subcommittee. Some of these topics will focus on how the collapse in net farm is leading to a significant reduction in equipment purchases, changes in food prices for consumers, serious impacts on creditors and their ability to cash flow producers, pressure to reduce voluntary conservation efforts to save money, reductions in the use of cutting edge technology, growing impacts of regulatory overreach on farm profitability, and increased damage from disproportionately large foreign agricultural subsidies.