Agreed. The guys who didn't use their money to upgrade or reinvest but instead spent it on more expensive life styles may not go broke - but will see their incomes drop and their envy directed at BTO compared to their operations will increase.
With lower incomes I don't see more small operators. My BIL talks about how his dad raised 9 kids and made a good living and his farm was 800 acres at its maximum size from the 1950s to the early 1980s. My BIL farmed about the same amount of land much his entire adult life (1979 to current) - while working a full time job as a teacher. The farm only paid for itself - he never took any money out of the farm for living expenses but spent its income on paying off ground and buying equipment. Not many people willing to do that for 30+ years. Granted he now has mostly new equipment for his "leisure farming" since he retired from teaching.
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