US farmers need extra revenue to make ends meet – research
Costs largely outweigh income generated by agri, says Richmond Fed study
Despite positive externalities for communities and the economy, farming in the US costs as much or more than the revenue it generates, according to research from the Federal Reserve Bank of Richmond.
The study, published on March 6, says a typical farming household relies on non-agricultural revenue to generate positive personal income.
“The aggregate costs associated with farming erode much of the income generated,” says the author, Joseph Mengedoth.
Mengedoth says that in some rural areas farming
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