The number of farmers falling behind on loans and filing for bankruptcy has jumped since the trade war with China began in the spring of 2018. Many faremrs are reaching their breaking point according to the National Farmers Union. NFU Vice President of Public Policy Rob Larew says there’s a lot of pain out there and it’s very widespread.
Between July of 2018 and June of 2019, the number of farms filing for Chapter 12 bankruptcies rose by 13 percent over the previous year. And loan delinquency rates have reached a six year high. Larew says the debt load is at its highest since the 1980s.
Larew says while the government has tried to help with trade aid payments, farmers and ranchers need certainty going forward.
Besides the bankruptcies and loan delinquencies, nearly 13,000 farms disappeared in 2018.
