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October 25, 2024
Dear Friends,
As our agricultural community faces extraordinary challenges, it is painfully clear that the policies of the Biden-Harris Administration are failing to support American farmers. The decline in the U.S. agricultural economy is undeniable, with falling farm incomes, escalating debt, and a misguided trade policy that has left our producers at a severe disadvantage on the global stage.
One of the most alarming issues is the soaring U.S. agricultural trade deficit, projected to reach an astounding $32 billion this year—more than double the deficit in 2023. This marks the third straight year of deficits, expected to grow to $42.5 billion by 2025. The Biden Administration's failure to negotiate new trade agreements-for the first time since the Carter Administration- has left our producers behind while other nations secure deals that benefit their agricultural sectors.
The agricultural economy is teetering on the edge of a recession, with over half of agricultural economists now convinced we are already there. After a sharp 19.5 percent drop in 2023, farm income is expected to fall another 4.4 percent—or $6.5 billion—in 2024. Adjusted for inflation, this drop is even more staggering, nearing $10.2 billion.
Corn and soybean prices are plummeting. Corn receipts are forecast to decline by $16 billion (20 percent), while soybean receipts are expected to drop by $8.6 billion (14.6 percent). All the while, farmers are dealing with record-high input costs labor, fuel, or fertilizer.
Meanwhile, the Senate is stalling. Despite the House passing a bipartisan 2024 Farm Bill that includes crucial reforms, Senate Democrats have yet to introduce their own version. Programs like Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC), designed to safeguard farmers, have become ineffective due to outdated reference prices that no longer reflect today’s market conditions. Direct government payments are expected to decline by 15.1 percent in 2024, leaving farmers more vulnerable than ever.
In contrast, the House-passed Farm Bill includes critical updates to these safety nets, ensuring ARC and PLC can offer real protection when prices fall. But Senate inaction is leaving our farmers in limbo. The time for delay is over. The Senate must work with House Republicans to finalize and pass the 2024 Farm Bill, securing the reforms our producers need to stabilize their farms and secure their futures.
American farmers and ranchers need a Farm Bill and new trade deals to compete in the global marketplace. Farmers cannot continue to bear the brunt of the Biden-Harris Administration policy failures, and they deserve real leadership that prioritizes their success, not political agendas.
Despite these challenges, I am proud to have secured five of my bills, designed to address critical needs in farm operations, were in the 2024 Farm Bill:
- SNAP Staffing Flexibility Act of 2023
This bill allows states to contract additional staff during high-demand periods, ensuring no family is left waiting for essential benefits and safeguarding the integrity of the SNAP program.
- Youth Lead Act
This legislation expands leadership opportunities for rural youth by funding programs like the Girl Scouts, Boy Scouts, 4-H, and FFA in underserved areas, investing in the next generation of agricultural leaders.
- AFIDA Improvements Act of 2024
Strengthening reporting requirements for foreign entities owning U.S. farmland, this bill equips us to better protect our food security and national interests.
- American Agricultural Security Act of 2024
Establishing Centers of Excellence in Biosecurity and Cybersecurity, this legislation addresses the threats to our food supply posed by bioterrorism and foreign animal diseases.
- Support for Ownership and Investment in Land (SOIL) Act
This bill streamlines the farm loan process by creating a pilot program for pre-approval of direct farm ownership loans, providing greater certainty and easier access to credit for new and beginning farmers.
In addition to these five bills, my office was responsible for many other provisions in the farm bill. These provisions account for roughly 10 percent of the entire Farm Bill—a tremendous accomplishment, especially considering there are 53 other members on the House Agriculture Committee. These reforms will provide crucial support to our farmers and ranchers.
These legislative achievements reflect my unwavering commitment to defending Nebraska’s agricultural community and rural way of life. I will continue to work tirelessly to ensure that our farmers, families, and future leaders have the resources and support they need to succeed.
It is an honor to represent the people of Nebraska’s Second District. If you need help with a federal agency or other assistance, please reach out here or call my office at 402-938-0300.
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