Over the last year, farm groups have appeared before lawmakers on Capitol Hill, making their case for adjustments to the next Farm Bill. While the 2018 legislation us currently on a year-long extension, economists from more than 10 organizations caution inflation should be top of mind while crafting the next one.
Economists with Southern Ag Today are calling for an increase to the payment limit in order to make up for inflation, which has soared over the last couple of years. Modern payment limits go back to the 1970 Farm Bill where the limit was $55,000 for each program. Adjusted for inflation, that would be more than $400,000 today. Currently, the combined payment limit for commodities covered under ARC and PLC is $125,000.
