House Ag Subcommittee Holds First Farm Bill Hearing
WASHINGTON, DC – The last five years have been tumultuous, led by trade wars, wild weather and the coronavirus pandemic says Dr. Gary Schnitkey, an agricultural economist with the University of Illinois who testified at a House Agriculture Subcommittee hearing on the Farm Safety Net.
The hearing, chaired by Illinois Rep. Cheri Bustos (IL-17) featured Schnitkey, three farmers, and a crop insurance agent, explaining the efficacy of the program and some changes that might be needed in the next rewrite of the Farm Bill.
Had it not been for government payments in 2020, many producers might have been wiped out by a drastic cut in farm income. Schnitkey told attendees that 59 percent of the farm income for that year came through federal programs.
Though the trade war with China is now in the rearview mirror for most agricultural products and the global economy is recovering from the pandemic, extreme weather conditions continue to challenge farmers and ranchers. Overall commodity prices have improved over the past few years, but many expect the authors of the 2023 Farm Bill to be faced with fewer resources to fund the many challenges a diverse agricultural industry needs for the next five years.
(SOURCE: All Ag News)