U.S. Farm Industry Drowning in Debt
UNITED STATES – Government numbers show just how much farmers are struggling.
USDA information shows the U.S. agriculture industry is more than $426 billion in debt.
The average farm was $1.3 million in debt in 2017 according to Nebraska Farm Business.
Secretary of Agriculture Sonny Perdue says net farm income has also dropped by nearly half since its peak six years ago.
About one in 10 crop farms is highly leveraged, meaning it has lots of debt, as are one in 15 dairy farms, according to Perdue.