The bill, as reported, represented a major cut. But then it was modified downward and later amended downward, at a real cost to the farmer. The changes weakened an already mediocre set of price support levels. Action of this nature tends to destroy the credibility of the Government. Third, net farm income dropped 29 percent in nominal terms last year.
American agriculture is in the worst financial condition since the Great Depression.
Farmers' debts now exceed their annual net income by a factor of 10. If this trend continues, small family farms will face immiment bankruptcy, with serious social and economic ramifications. In this day of high interest and inflation, farmers cannot survive under the terms of this bill. Fourth, like in the case of the embargo, the agricultural sector is singled out once again because it is an easy target. With less than 4 percent of the population, the farming segment simply does not have much political clout.