Trump moves to shield farmers rattled by tariffs and war but the US is already doling out $10B to near-millionaire and even billionaire farmers
https://www.msn.com/en-us/news/us/trump-moves-to-shield-farmers-rattled-by-tariffs-and-war-but-the-us-is-already-doling-out-10b-to-near-millionaire-and-even-billionaire-farmers/ar-AA1ZzaIs?ocid=socialshare
Story by Jake Angelo • 9h • 3 min read
President Donald Trump convened what he called the single largest gathering of American farmers at the White House on Friday, bringing together more than 800 cowboy-hat-wearing men and women. They filled the South Lawn alongside a shiny golden tractor as the president touted his support for the agricultural industry. “I just gave you $12 billion. I don’t know if you know that or not,” Trump boasted, referring to farm relief provided through the USDA’s Farmer Bridge Assistance Program. Apparently that wasn’t enough, as he then told the crowd he’d asked Congress to approve additional relief in the next funding bill.
But much of the president’s support is actually falling into the hands of the wealthy, and a recent post from libertarian think tank the Cato Institute demonstrates that disparity. The data seems to challenge the notion of a struggling farmer: The national average income of a U.S. farm household in 2024 was $159,334. That’s roughly 32% above the national mean household income, and nearly double the national median of $83,730.
And that’s not even taking into account the majority of subsidies, which data shows are going to the top 10% of farms. The post cites a 2023 report from the Government Accountability Office (GAO) that revealed over 1,300 farmers with an adjusted gross income of more than $900,000 have received subsidies from the federal crop insurance program.
The federal crop insurance program was established in 1938 under President Franklin D. Roosevelt to help the agricultural sector recover from the Great Depression and the Dust Bowl. Since its inception, the program has evolved into a key support pillar to provide producers with financial protection against losses from natural disasters and economic downturns. While it began as a recovery measure, the program now covers more than 120 unique commodities, representing the vast majority of the value of U.S. crop production.............................
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