Farm income to be down in 2024.
Clean Energy to the rescue.
On Feb. 7, USDA released the first insights into net farm income expectations for 2024. The latest report anticipates a decrease from 2023’s forecast of $155 billion to $116 billion – a drop of nearly $40 billion, or 25.5%, and the largest recorded year-to-year dollar decrease in net farm income. The decline marks the second consecutive drop since record-high farm income levels in 2022 ($185.5 billion). When adjusted for inflation, net farm income, a broad measure of farm profitability, is expected to decrease 27%, or $43 billion, from 2023. If realized, 2024 net farm income would be below the 20-year average (2003-2022) in inflation-adjusted dollars. A $21 billion expected drop in cash receipts for agricultural goods and a $17 billion expected increase in production expenses explain 95% of the forecast decline.
Same story for Solar. I you think saving farms is important, you need to support clean energy.