Stop Institutional Child Abuse Act

Floor Speech

BREAK IN TRANSCRIPT

Mrs. HYDE-SMITH. Madam President, our farm economy is headed in a dark and scary direction. I hope all of my colleagues here in the Senate and on the other side of the Capitol recognize that.

It is time for Congress to deliver meaningful assistance to our agricultural producers. They have been devastated by unprecedented market conditions and natural disasters over the last 2 years, and they need help recovering from both, not one or the other.

I rise today to urge my colleagues to take action and to support those who support you.

The economic landscape for farmers is looking more like the farm crisis of the 1980s every day.

That is pretty scary.

There is not a farm crisis looming--it is already underway--but it is not too late to keep it from snowballing out of control if Congress acts.

The farm crisis of the 1980s--I remember so well--was one of the worst economic disasters since the Great Depression that decimated rural America and took years for many communities to recover from. Some never did. What caused the crisis? Inflation, high interest rates and production costs, low farm income, depressed crop prices, declining exports, and inadequate Federal price support policy.

Does that sound familiar?

The U.S. farm income has dropped $41 billion over the last 2 years-- the worst decline we have ever seen. Our trade deficit is expected to reach a record high of $45.5 billion for fiscal year 2025. Input costs and interest rates are close to an alltime high; commodity prices are low; and the Federal farm safety net is not providing any support because the Price Loss Coverage Program's reference prices haven't been updated since the 2014 farm bill. These are unprecedented market conditions. Believe me, I know.

To break this down in greater detail, market losses suffered by producers for the 2024 crop year alone are estimated at $31 billion-- $31 billion with a ``b.''

I have a breakdown of the market losses by State and commodity. I ask unanimous consent that they be printed in the Record.

-$11,587,099,785 90,249,239 -$128.39 Soybeans...................................................... -$8,466,196,505 86,433,859 -$97.95 Wheat......................................................... -$5,064,654,335 49,912,825 -$101.47 Cotton........................................................ -$4,172,067,751 11,160,633 -$373.82 Sorghum....................................................... -$1,488,653,367 7,924,270 -$187.86 Oats.......................................................... -$498,889,253 1,887,016 -$264.38 Rice.......................................................... -$406,659,904 3,109,021 -$130.80 Peanuts....................................................... -$355,451,528 1,791,997 -$198.36 Barley........................................................ -$77,624,589 2,269,061 $34.21 ----------------------------------------------------------------------------------------- Total..................................................... -$31,962,047,840 254,737,920 -$125.47 -------------------------------------------------------------------------------------------------------------------------------------------------------- LOSSES BY STATE -------------------------------------------------------------------------------------------------------------------------------------------------------- State Income Acres Per Acre -------------------------------------------------------------------------------------------------------------------------------------------------------- Alabama....................................................... -$265,107,707 1,293,451 -$204.96 Alaska........................................................ -$128,507 6,939 -$18.52 Arizona....................................................... -$75,936,100 345,260 -$219.94 Arkansas...................................................... -$841,638,036 6,001,897 -$140.23 California.................................................... -$219,322,020 1,421,295 -$154.31 Colorado...................................................... -$548,024,342 4,548,087 -$120.50 Connecticut................................................... -$2,863,060 22,686 -$126.21 Delaware...................................................... -$38,944,855 362,936 -$107.30 Florida....................................................... -$78,354,721 366,381 -$213.86 Georgia....................................................... -$655,552,293 2,580,379 -$254.05 Idaho......................................................... -$152,349,049 2,096,381 -$72.67 Illinois...................................................... -$2,488,705,171 22,030,884 -$112.96 Indiana....................................................... -$1,266,272,910 11,284,636 -$112.21 Iowa.......................................................... -$2,647,228,187 22,875,285 -$115.72 Kansas........................................................ -$2,760,825,257 22,494,643 -$122.73 Kentucky...................................................... -$419,290,092 3,836,529 -$109.29 Louisiana..................................................... -$317,998,366 2,416,125 -$131.62 Maine......................................................... -$8,663,525 58,142 -$149.01 Maryland...................................................... -$115,388,280 1,057,847 -$109.08 Massachusetts................................................. -$1,803,441 14,125 -$127.68 Michigan...................................................... -$540,530,356 4,768,756 -$113.35 Minnesota..................................................... -$1,936,041,618 16,963,514 -$114.13 Mississippi................................................... -$525,894,150 3,625,930 -$145.04 Missouri...................................................... -$1,270,655,699 10,595,754 -$119.92 Montana....................................................... -$523,794,385 7,490,193 -$69.93 Nebraska...................................................... -$1,993,881,047 16,757,010 -$118.99 Nevada........................................................ -$4,134,247 35,350 -$116.95 New Hampshire................................................. -$1,460,631 11,506 -$126.95 New Jersey.................................................... -$20,568,724 188,047 -$109.38 New Mexico.................................................... -$132,802,196 937,462 -$141.66 New York...................................................... -$180,960,392 1,488,205 -$121.60 North Carolina................................................ -$489,778,764 3,422,175 -$143.12 North Dakota.................................................. -$1,895,876,988 18,320,934 -$103.48 Ohio.......................................................... -$964,359,752 8,794,146 -$109.66 Oklahoma...................................................... -$1,011,975,433 8,308,441 -$121.80 Oregon........................................................ -$87,829,632 870,665 -$100.88 Pennsylvania.................................................. -$193,378,507 1,666,045 -$116.07 Rhode Island.................................................. -$143,641 1,114 -$128.98 South Carolina................................................ -$190,898,594 1,102,584 -$173.14 South Dakota.................................................. -$1,607,348,165 13,692,375 -$117.39 Tennessee..................................................... -$410,768,542 3,135,575 -$131.00 Texas......................................................... -$3,853,459,576 18,844,789 -$204.48 Utah.......................................................... -$22,223,186 198,356 -$112.04 Vermont....................................................... -$12,217,118 97,361 -$125.48 Virginia...................................................... -$162,548,033 1,251,628 -$129.87 Washington.................................................... -$243,251,731 2,541,423 -$95.71 West Virginia................................................. -$9,137,771 78,887 -$115.83 Wisconsin..................................................... -$745,506,014 6,236,965 -$119.53 Wyoming....................................................... -$26,227,031 283,318 -$92.57 ----------------------------------------------------------------------------------------- Total..................................................... -$31,962,047,840 256,822,415 -$124.45 --------------------------------------------------------------------------------------------------------------------------------------------------------

BREAK IN TRANSCRIPT

Mrs. HYDE-SMITH. Madam President, every single State in the United States suffered market losses this crop-year. The Office of Management and Budget recently submitted a disaster supplemental request to Congress asking for $21 billion in ad hoc support for producers impacted by natural disasters in 2023 and in 2024, and I certainly support that because many producers across the country deserve it.

However, OMB's request failed to mention anything pertaining to market losses. How can we ignore $31 billion in market losses this year alone and expect to keep U.S. agriculture afloat? We shouldn't, and we can't. Farmers need market loss assistance, too. We need an additional $15 billion for market losses.

The House and Senate Agriculture Committees have been working on a proposal that would cover market losses on top of natural disaster losses. It is estimated to cost about $15 billion. Congress should support that, whether through supplemental appropriations or a farm bill extension, in addition to what has been proposed for natural disasters. Producers should be eligible for both.

State farm bureaus from all 50 States have sent letters to Congress asking for both market and disaster assistance--both, not one or the other. Further, every major agricultural organization across the country--the American Farm Bureau Federation, American Soybean Association, National Association of Wheat Growers, National Barley Growers Association, National Cotton Council, National Corn Growers Association, National Sorghum Producers, National Sunflower Association, U.S. Canola Association, U.S. Peanut Federation, USA Dry Pea & Lentil Council, USA Rice, and Western Peanut Growers Association--have endorsed marker legislation, introduced in the House, focused on market losses.

If Congress fails to recognize the importance of providing market loss help and only focuses on natural disaster, my fear is that, one, farmers and farm groups across the country are going to be very angry that Congress decided to address only half the problem while ignoring every farmer across the country impacted by record input costs and depressed prices, and, two, we are going to have a farm crisis in this country worse than the 1980s crisis.

I will leave my colleagues with this question: Are we going to learn from lessons of the past and take appropriate action or take the path of least resistance today and be required to pay hundreds of billions on the back end after it is too late?

BREAK IN TRANSCRIPT

Source