Today we take the time to thank America’s farmers for their important contributions to our economy.
America’s farmers are struggling now more than ever before. So, we would like to take this opportunity to highlight the challenges that America’s farmers face in today’s world and the real solutions that are proven to help our farmers and their communities.
Today’s American farmer faces falling income and increasing debt. According to the U.S. Department of Agriculture (USDA), U.S. farm income has been cut nearly in half, from a 2013 high of more than $120 billion to $63 billion in 2017. In addition, slightly more than half of all farm households now lose money on their farming operations each year. Income from corn production is expected to decline for the fifth consecutive year, down $300 million from 2016. At the same time, expenses are surging and debt is rising. The Kansas City Federal Reserve reports that farm lending has dropped by 40% in a single year. This year, farm debt is forecast to increase by 5.2%, while farm assets will decline by 1.1%.
The solutions to this problem are a strong and stable Renewable Fuel Standard, expanding access to E15 all year round and expanding export markets. The RFS has been instrumental in helping rural economies thrive. Biofuels represent the single most promising opportunity to revitalize rural economies and uphold American energy security. To make sure biofuels thrive, we must make it so E15 can be sold all year long. We also must work to remove protectionist tariffs on American agricultural goods so that our farmers can benefit from new and open markets.
To do all this, we need the support of lawmakers. We are working every day to make sure that your voices are being heard loud and clear. We are working to make sure that lawmakers know that these solutions work and they greatly benefit our farmers and the rural economy.