Even after our nation’s farmers faced the worst drought in recent history, the farm income forecast is only slightly lower that last year.
USDA projects net farm income for 2012 will come in at 114-billion dollars, a 3% drop from 2011. USDA’s projected net cash income is down 1.4% at 132.8-billion dollars. Even with the lower numbers 2012 is one of the highest levels since the 1970’s.
U-S Agriculture Secretary Tom Vilsack says this income forecast is the second highest in recent years and points out the necessity of a farm safety net. He adds this is a perfect example as to why Congress must take action and pass a comprehensive Food, Farms and Jobs Bill.