Farmers Experience 23% Drop in Income Since 2022
The United States Department of Agriculture (USDA) released their net farm income data, which shows a shocking 23% drop in on-farm income since 2022. This exacerbates other problems, including farmers paying the highest dollar amount ever on interest, labor and taxes which was also highlighted in the report.
“The drop in net farm income is not just an economic hiccup, it’s evidence of an agricultural downturn,” says American Farm Bureau President Zippy Duvall. “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.”
Recently, Maryland experienced a loss of more than 12,000 acres of farmland according to the latest Census of Agriculture. Across the United States, the census reported 141,733 fewer farms and a loss of more than 20 million acres of farmland from just five years earlier.
Maryland Farm Bureau (MDFB) has been sounding the alarm on disadvantageous policies that contribute to the loss of income and acres of farmland. This includes solar siting on class 1 and 2 agricultural soils and excessive taxation on agricultural products and property.
“Maryland farmers are incredibly aware of the problems that such a steep loss of income can bring,” says MDFB President Jamie Raley. “It is imperative that our elected officials come together and pass farmer-friendly legislation to support the farmers that feed and fuel our local communities.”
MDFB has issued an action alert, encouraging its nearly 8,000 family members to write their federal representatives to pass a new and modernized farm bill. The farm bill is the most important federal legislation designed to support American agriculture, farmers, and nutrition programs. Last year, MDFB members filmed a PSA in support of the Farm Bill during their annual meeting with lawmakers in Washington, DC.
In May, the U.S. House of Representatives Committee on Agriculture passed a new Farm Bill through the committee on a bipartisan basis. Since then, it has not moved forward in the House or introduced in the Senate.