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The United States experienced a major farm crisis during the 1980s. By the mid-1980s, the crisis had reached its peak. Land prices had fallen dramatically leading to record foreclosures. Farm debt for land and equipment purchases soared during the 1970s and early 1980s, doubling between 1978 and 1984.
A farm crisis is an American term for a time of agricultural recession, low crop prices and low farm incomes. The Interwar farm crisis was an extended period of depressed agricultural incomes from the end of the First to the start of the Second World War. The most recent US farm crisis occurred during the 1980s. [1] [2] [3]
President Ronald Reagan signing the act. In United States federal agriculture legislation, the Agricultural Credit Act of 1987 (Pub. L. 100–233, 101 Stat. 1568, enacted January 6, 1988) was enacted in response to the severe financial crisis of the early- to mid-1980s, which affected both farmers and their lending institutions.
[4] [5] In 1980, according to both Yuzhin and Gordievsky, the KGB ordered its agents to conduct activities that discredited US President Jimmy Carter and supported Ronald Reagan during 1980 election. [4] [5] The Soviet Union lost its only source of phosphate fertilizer upon which its agriculture was heavily dependent. [1]
A Companion to American Agricultural History (Wiley-Blackwell, 2022) Lauck, Jon. American agriculture and the problem of monopoly: the political economy of grain belt farming, 1953-1980 (U of Nebraska Press, 2000). Riney-Kehrberg, Pamela. ed. The Routledge History of Rural America (2018) Schapsmeier, Edward L; and Frederick H. Schapsmeier.
The Agriculture and Food Act of 1981 (Pub. L. 97–98, also known as the 1981 U.S. Farm Bill) was the 4-year omnibus farm bill that continued and modified commodity programs through 1985. It set specific target prices for 4 years, eliminated rice allotments and marketing quotas , lowered dairy supports, and made other changes affecting a wide ...
Once again, the Omnibus Budget Reconciliation Act of 1987 (P.L. 100–203) not only set the 1988 fiscal year budget for agriculture and all federal agencies, but also set target prices for 1988 and 1989 program crops, established loan rates for program and non-program crops, and required a voluntary paid land diversion for feed grains. P.L. 100 ...
The Agricultural Adjustment Act of 1980 (P.L. 96-213) amended the Food and Agriculture Act of 1977 (P.L. 95–113), primarily to raise the target prices for wheat and corn. The H.R. 3398 legislation was passed by the 96th U.S. Congressional session and signed into law by the 39th President of the United States Jimmy Carter on March 18, 1980.