Biden Administration & Federal Policy
Income growth in agriculture over the past two years has been fueled by increased government assistance through Market Facilitation Payments and COVID-19 assistance. It’s hard to imagine the level of assistance producers received during the past two years continuing this year. The Biden Administration is hoping to pass another COVID-19 assistance package, but no word on what it might contain for agriculture. Climate change promises to be a major focal point for the new administration. President Biden once said, “We see farmers making American agriculture first in the world to achieve net-zero emissions and gaining new sources of income in the process.” Look for initiatives from the USDA centered on paying producers to capture carbon or otherwise providing credits to contribute to environmental sustainability.