Getting a profit from the government is both a hope and fear of farmers and livestock producers in the United States.
I can cite many examples of government payments for programs that range from Payment in Kind, in the 1980’s to Loan Deficiency Payments, in the early 2000’s. These payments were so memorable that they were called PIK and LDP. George McGargill, an Iowa singer and songwriter put the Loan Deficiency Payment to verse.
All that to tell you that U.S. Secretary of Agriculture Sonny Perdue launched the trade mitigation package aimed at assisting farmers suffering from damage due to unjustified trade retaliation by foreign nations.
Producers of certain commodities can now sign up for the Market Facilitation Program (MFP), while the U.S. Department of Agriculture (USDA) will also begin to purchase identified commodities under a food purchase and distribution program. Additionally, USDA has begun accepting proposals for the Agricultural Trade Promotion Program (ATP), which will help American farmers find and access new markets for their products. In total, USDA will authorize up to $12 billion in programs, consistent with World Trade Organization obligations.
If George is still singing, there are surely enough acronyms and names to do another ballad on the role of the government in farmer’s lives.
AUDIO: Profit Matters 9-5-18