Ag Lenders Say Farmers Depend on Off-Farm Income

The chief economist for the American Farm Bureau Federation says the worst threat to farmers currently is a general economic recession. It’s because so many farmers have now become dependent on off-farm income to make ends meet and stay in operation. Farm Bureau’s Chief Economist, John Newton, spoke during a panel of ag economists’ discussion at the Crop Insurance Industry Convention. “Farm lenders say the reason why we can continue to do what we are doing is off-farm income,” Newton says. “It’s off-farm income that allows folks to continue to farm. Lenders are really concerned about a slowdown in the U.S. economy.”