Letter Highlights the Farm Safety Net
WASHINGTON, DC — Today, the House Committee on Agriculture convened a business meeting to consider its budget views and estimates letter for the 2024 fiscal year. After the letter was reported favorably out of Committee, Chairman Glenn “GT” Thompson issued the following statement:
“The Committee’s budget views and estimates letter outlines a clear, bipartisan blueprint to invest in the hardworking men and women of American agriculture—the folks who work 365 days a year to feed and fuel our nation. While additional funds are necessary, there is no piece of legislation that provides a better return on investment than the Farm Bill. In the wake of record inflation, a global pandemic, and geopolitical turmoil, American farmers, ranchers, foresters, producers, and consumers are suffering. The best way to support them is to pass an effective, bipartisan, and timely Farm Bill, and the letter considered today provides a sensible path forward.”
The letter—which outlines the financial challenges and needs of American agriculture—can be found here.
- Return On Investment — “… in return for this modest investment… more than 43 million jobs, $2.3 trillion in wages, $718 billion in tax revenue, $183 billion in exports, and $7.4 trillion in economic activity.”
- Farm Debt — “[in 2021]… U.S. farm sector debt climbed above the previous record set in 1980 and has since continued to climb, underscoring the need for a strong farm bill.”
- Protecting The Farm Safety Net — “…Over the last 20 years, the farm safety net has repeatedly been looked to for deficit reduction… Congress has returned to the cycle of providing unbudgeted ad hoc assistance for both weather and market related disasters, totaling $93.3 billion over six years… more than 70 percent of federal funding for agriculture… [D]espite this infusion of assistance, the farm financial picture is beginning to erode due to repeated production losses and skyrocketing inflation.”