From UPI:
Farm loan delinquencies have hit a 17-year high, and 2.3 percent of all agricultural production loans made by commercial banks were past due, up from 1.3 percent a year ago, according to the Federal Deposit Insurance Corp.
The number of Minnesota farmers defaulting on agricultural loans has swelled dramatically since 2008, reaching levels not seen since the 1980s farm crisis permanently altered the state’s rural economy, reported the Minneapolis Star Tribune October 4…
This is just another symptom of the way our economic policies – exacerbated by Obama’s socialistic extremism – are crushing the productive base of the American economy. Farming is the basis of all economic activity – oh, sure, people like to look at the glittering lights of high tech, but if we aren’t growing food then we really aren’t doing anything sustainable, now are we? If we don’t have farmers, we don’t have anything…and farmers are being squeezed by taxes and regulations which simply make it impossible to profitably farm. This is now showing up in the increasing defaults in agricultural loans.
The only way we can get out of this mess is to work our way out of it – production is the key. Until we start making, mining and growing more of our own stuff, we’ll never get better. And I know I’m going on like a broken record here: but it has to keep being said until everyone understands it.
America is still the richest nation in the world, by far – with our people and our resources there is simply nothing we can’t do. But we have to take the socialist shackles off, balance the budget and get to work. On November 2nd we get our chance for the first, baby step towards a revived America – we’d better not blow it.
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