While most producers have their attention focus on the Farm Bill, there are many pressing issues in Washington right now, including the nation’s debt. It was a topic during a House field hearing, where lawmakers laid out some startling statistics.
“We have some real difficult decisions we have to work through over the next year. The fact of the matter is today, 100% of defense of the United States has borrowed money. 100% of government, as you know it, is borrowed money, all Park Service, everything’s all borrowed. I was just doing the math, 37% of medicare is on borrowed money. This year, our income taxes, 45% of it, will just pay the interest. Interest is now the second biggest spend in the United states. We need you to grow like crazy, and then we need to find a number of things where we’re going to stop spending, or do it better, faster, cheaper, adopt technology,” said Rep. David Schweikert.
Farm debt is expected to hit half a trillion dollars this year. Producers up to 44 years old have the highest debt to asset ratio.
