Why farmers are feeling so down
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 9 September 2024
⏱️ 8 minutes
🧾️ Download transcript
Summary
Purdue’s Farmer Sentiment Index hit an 8-year low in August, and half of agricultural economists surveyed by the University of Missouri last month say the farm economy is in a recession. Input and borrowing costs are still high, while prices for commodities have been trending down. We’ll unpack, but first will mull how likely a government shutdown is before the election. And, will it be another rough week for markets?
Transcript
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| 0:00.0 | What's got farmers feeling down? |
| 0:04.0 | From Marketplace, I'm Sabrie Benashore and for David Brancaccio. |
| 0:07.0 | More on farmers in a sec. |
| 0:09.0 | First, tomorrow's presidential debate and the campaign for control the White House in Congress will |
| 0:14.2 | likely dominate the news this week but there is still actual work to be done in |
| 0:19.2 | Washington Congress is back from its Labor Day break and it's facing the annual deadline for funding the government by the end of the month. |
| 0:25.2 | Marketplace's Kimberly Adams reports on how that is going. |
| 0:29.2 | Ideally by this point in the year Congress would have passed 12 separate appropriations bills, |
| 0:35.0 | sent them to the president, and then we'd have funding for the government for another fiscal year. |
| 0:40.0 | Philip Wallach is a senior fellow at the American Enterprise Institute. |
| 0:44.0 | But in practice, Congress tends to push off those decisions until a little bit later in the year. |
| 0:50.0 | And that's where we are this year. And while we are all well used to the stopgap spending bills known as |
| 0:56.1 | continuing resolutions or CRs, Wallach says one difference in an election year |
| 1:02.0 | is that we may be a bit less likely to risk a government |
| 1:05.7 | shutdown. |
| 1:06.7 | Somebody has to end up holding the bag for a shutdown, but right ahead of an election where |
| 1:12.1 | the other side will do everything they can to heap up the blame. |
| 1:16.2 | I don't see either party really seeing it as in their interest. |
| 1:19.6 | So folks here in Washington are pretty convinced there will be a deal ahead of the September 30th |
| 1:24.7 | deadline, but the details are still getting hammered out. |
| 1:28.2 | There could be a CR that would just get us well into the new presidential term or so the next most likely option would be a |
| 1:36.0 | continuing resolution that brings us to the other side of the election. |
... |
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