how often do recessions impact the farmers
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How did the 1980's recession affect United States farmers?
The farm crisis of the 1980s
The farm crisis of the 1980s Tight money policies by the Federal Reserve (intended to bring down high interest rates upwards of 21%) caused farmland value to drop 60% in some parts of the Midwest from 1981 to 1985. Record production resulted in a glut of farm commodities, forcing prices down.
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Agriculture, food, and related industries contributed $1.109 trillion to the U.S. gross domestic product (GDP) in 2019, a 5.2-percent share. The output of America's farms contributed $136.1 billion of this sum—about 0.6 percent of GDP.
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