One Year Ago Trump Told Farmers They Were ‘Over The Hump’ — Now They’re Suffering More Than Ever
July 12, 2020
In the year since he declared that farmers were “over the hump,” Trump has stranded American farmers as they continue to suffer from his failed China trade policies.
One year ago today, Trump told struggling farmers that they were “over the hump.”
July 12, 2019 — TRUMP: “But now things are pretty good because we are doing $16 billion and that was the most that China ever purchased. And some of the farmers are really doing well. I think they’re really starting — we’re over the hump. We’re doing really well.”
A few days later, Trump predicted that “by this time next year” farmers would “be doing fantastically well.”
July 17, 2019 — TRUMP: “I mean, I could go over point after point. And one of the big points I think, by this time next year, one of the big points is gonna be the farmers. The farmers are gonna be doing fantastically well.”
Despite Trump’s claims, farmers saw bankruptcies reach a near-decade high in 2019 amidst his reckless trade war, and the problem is getting worse.
CNN: “US farm bankruptcies were up 20% in 2019, despite the billions of dollars in aid President Donald Trump has paid to farmers hurt by the trade war with China. That’s the highest level since 2011, following the Great Recession, according to court data analyzed by the American Farm Bureau. There were 595 Chapter 12 family farm bankruptcies, nearly 100 more than in 2018, the trade group said.”
Wall Street Journal: “The U.S. Department of Agriculture on Thursday said it expects farm debt in 2020 to rise to a record $425 billion, up from $415 billion last year. The debt-to-asset ratio for farms remains at its highest point in more than 15 years, the USDA said, and farm bankruptcies jumped 24% last year.”
While he ignored early warnings about the coronavirus so he could reach an agreement with China to protect his political interests, Trump’s “deal” is already proving to be a loser for farmers.
Stateline: “Buffeted by a two-year trade war, followed by a disappointing — at least so far — trade deal and then a worldwide pandemic, there aren’t a lot of farmers, or rural communities, feeling flush right now. Worried farmers and business groups are urging the United States and China to fulfill their obligations under the first stage of the trade agreement, even as the coronavirus scrambles its assumptions. ‘I’m worse off today than I was before the trade war,’ Stafslien said, ‘and I don’t see an end in sight.’”
Wall Street Journal: “As of May, China had purchased $5.4 billion of agricultural goods, with a goal for the year of $33 billion in purchases…Agricultural purchases are 39% of the pace needed to hit the phase one goal.”