What about all of the government subsidy programs that they are all involved with and receiving free money from Uncle Sam whether it is a good year or a lean year? It’s like welfare, the more kids you have the more money you get. There are few farms that do not receive subsidies; these are the “old school” farmers that believe in the cash system not the debt system. There are also a lot of farms that rent/lease a lot of their acres that they run and do not have nearly enough assets to cover their debts. I see this with farms all around me.
It’s hard to accumulate any assets when they keep signing their name on the dotted line and take on another payment.
There is nothing wrong with taking on some debt and updating your business, but most of these people don’t realize that they need to pay off one thing before buying three more things.
The farm industries are not much different than the housing industries. Remember 2008 – 2009 and the housing market collapse? Most of these farms are not much further ahead of what happened to the housing industries. They take on more debt than they can afford and will never see day light.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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