During a recent hearing to examine the health of the rural economy, House Agriculture Committee Chairman Mike Conaway (R-TX) noted that farm income has plummeted 56 percent since 2013. That, he said, represented the worst stretch since the depression of the ’30s.
“In short, we have a very serious problem unfolding right now in rural America,” Conaway said. “The farmers that I talk to from across the country tell me that they are very concerned that they do not see the kind of circumstances that are going to come along and end this downturn any time soon. They are also concerned that even as the prices they receive plummet, the prices they are paying for inputs remain as high as ever.”
Sugar producers are feeling it too, and that economic pain has led to job loss. Two announcements have rocked the sugar world since the start of the year, including the closure of a Wyoming beet factory and the decision to end sugar production in Hawaii altogether.
Conaway said low commodity prices combined with rising input costs are big reasons why.
Conaway further urged the Administration to aggressively fight the rising tide of foreign subsidies and trade-distorting policies that are manipulating the market.
Source: www.sugaralliance.org