WASHINGTON—Following the release of the USDA’s Economic Research Service 2024 Farm Sector Income Forecast, U.S. Senate Committee on Agriculture, Nutrition, and Forestry Ranking Member John Boozman (R-AR) and U.S. House Committee on Agriculture Chairman Glenn “GT” Thompson (R-PA) issued the following statement:
“Today’s farm income update underscores what Agriculture Committee Republicans in the House and Senate have warned about for two years: America’s farmers and ranchers are in serious trouble, and the outlook remains grim. From 2023 to today, row crop producers alone have lost more than $50 billion, and stand to lose even more next year. Immediate action is required to stabilize the farm economy and prevent a crisis that will only become more costly to address over time.
“Reauthorizing a five-year farm bill with significant improvements to the safety net is critical to restore certainty to our producers. Equally urgent, Congress must provide substantial economic aid to help those hit hardest.
“America’s farmers and ranchers deserve better. It’s time for Congress to deliver on its promises and ensure the future of American agriculture.”