Source: Mac Slavo
As the trade war continues to rage on, it is causing severe pain in the United States’ economy. Bankruptcies are surging and are way past the level seen before the last recession.
Farmers all across the country are going bankrupt at an astounding rate. Now, over half of all farms in the U.S. are now losing money and there doesn’t appear to be any relief coming down the pipes. According to a report by Zero Hedge, bankruptcies in three regions covering major farm states last year rose to the highest level in at least 10 years.
The Seventh Circuit Court of Appeals, which includes Illinois, Indiana, and Wisconsin, had double the bankruptcies in 2018 compared with 2008. In the Eighth Circuit, which includes states from North Dakota to Arkansas, bankruptcies swelled 96%. The 10th Circuit, which covers Kansas and other states, last year had 59% more bankruptcies than a decade earlier. –Zero Hedge
All of these bankruptcies affect every single human being. We all eat, and the food system is already perched precariously on a cliff. The debate is still currently ongoing as to whether or not the economy is headed for a major disaster in the form of a recession. Either way, it’s safe to say that the farm industry has already hit bottom. But is it rock bottom yet?