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Farm bankruptcies on the rise according to new Fed report

JacksinPA

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https://thehill.com/policy/finance/418263-farm-bankruptcies-on-the-rise-according-to-new-fed-report

Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.

At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.

The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
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Many of these could be the result of Trump's protectionist tariff policies. The economy is booming but these farmers are now on unemployment.
 

BrainNebula

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I don't know much about judging farm bankruptcies, so I'm open to this being an issue. You did cherry-pick a little bit, though. In 2014, only 32 farms filed for bankruptcy, but that was a low number. In 2015 and 2016, 60 and 67 farms went bankrupt respectively. In 2010, 70 farms went bankrupt. And how many farms are popping up? What reasons outside of tariffs could be causing this (such as floods, droughts, diseases, etc.)?

The article does mention Trump passed $12B in aid for farmers. Apparently, the NYT (who I don't trust) has determined this aid has helped little. If that's true, the reason could easily be because the tariffs are not the reason the farms are going out of business. I know that Canada had around 300% tariffs on USA dairy products. Under the USMCA, Trump has opened up the dairy market extensively. It does take time for that to have an impact, though, so I'm not sure how big of an impact that has had up to this point.
 

DaveFagan

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https://thehill.com/policy/finance/418263-farm-bankruptcies-on-the-rise-according-to-new-fed-report

Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.

At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.

The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
========================================
Many of these could be the result of Trump's protectionist tariff policies. The economy is booming but these farmers are now on unemployment.

i think that, as regards bankruptcy, the farmer that realizes that bankruptcy is immiment is wise to file early for his own protection. The current soybean debacle is a prime example. China is not buying those soybeans as retaliaton for tit for tat tariffs and that results in soybeans placed in expensive storage. File early to control remaining cash or leverage debts. Perhaps.
/
 

ultmd

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https://thehill.com/policy/finance/418263-farm-bankruptcies-on-the-rise-according-to-new-fed-report

Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.

At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.

The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
========================================
Many of these could be the result of Trump's protectionist tariff policies. The economy is booming but these farmers are now on unemployment.

More bankruptcies in Trump's America, huh?

Yeah, well...at least he's filled the federal bench with anti-abortion, anti-immigration, pro-voter suppression judges, right?:cool:

Trump acolytes in Trump's America should rest easy with that knowledge...even as they file for bankruptcy and pray to forestall foreclosure.
 

tres borrachos

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https://thehill.com/policy/finance/418263-farm-bankruptcies-on-the-rise-according-to-new-fed-report

Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.

At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.

The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
========================================
Many of these could be the result of Trump's protectionist tariff policies. The economy is booming but these farmers are now on unemployment.


Bankruptcies and Donald Trump. Perfect together. Some things just...fit.
 

DaveFagan

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More bankruptcies in Trump's America, huh?

Yeah, well...at least he's filled the federal bench with anti-abortion, anti-immigration, pro-voter suppression judges, right?:cool:

Trump acolytes in Trump's America should rest easy with that knowledge...even as they file for bankruptcy and pray to forestall foreclosure.

Why yes! He's also guaranteed the 5-4 election like Bush v. Gore for the near term. Expect elections to be thrown into the SCOTUS jurisdiction, eh?
/
 

Barnacle

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https://thehill.com/policy/finance/418263-farm-bankruptcies-on-the-rise-according-to-new-fed-report

Farm bankruptcies are on the rise in the Upper Midwest, according to a new report from the Federal Reserve, doubling from their recent lows in 2014.

At least 84 farms filed for bankruptcy from June 2017 to June 2018 in Wisconsin, Minnesota, Montana, and North and South Dakota, according to analysis from the Federal Reserve Bank of Minneapolis.

The report released earlier this month shows that over the same time period in 2014, 32 farms filed for bankruptcy.
========================================
Many of these could be the result of Trump's protectionist tariff policies. The economy is booming but these farmers are now on unemployment.


From the original report The Hill based their article on:

"... But not all states are feeling the same effects. Wisconsin, for example, is seeing about 60 percent of all bankruptcies among Ninth District states. It appears that bankruptcy filings have been particularly high among dairy farms there. Though the state is the country’s number two milk producer, it still has many small farms, which tend to be more exposed to large price fluctuations. The average dairy herd in Wisconsin is still just 153 cows; in California, the average herd is 1,300.

... The rising trend in chapter 12 bankruptcies aligns closely with a rising level of bad ag loans among the Ninth District’s 531 banks. ..."


https://www.minneapolisfed.org/publ...ankruptcies-on-the-rise-in-the-ninth-district


Some people should have never received a bank loan for a farm; the same as some people should have never received a bank loan for a house.
 
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