Successful Farming published an article explaining new subsidies from the Trump administration. The administration is showering U.S. agriculture with the largest farm supports ever, an estimated $37 billion, chiefly through stopgap programs to mitigate the impact of the pandemic.
As a result, farm income in 2020 would be the highest in seven years, not counting an additional $14 billion in federal payments on the horizon. “They could exceed, at the end of the day, $37 billion in payments,” said former USDA chief economist Joseph Glauber, now at the IFPRI think tank. “One thing we know, they (the income figures) will be revised again.” The USDA is scheduled to update its income forecast on Dec 2 and again in February 2021.