A slow collapse is unfolding across rural America


Carmack and longtime friend Jeffrey Daniels grow cotton, soybeans and corn on their respective family farms. This year, instead of showing off crops at the West Tennessee State Fair, the pair sold T-shirts, made from cotton they grew, in an attempt to offset their losses in the fields. They sold about 250 shirts for $35 each, but it was hardly enough.

This year, they expect to lose nearly $800,000 combined.

Times are especially tough now because of input costs: everything a farmer needs to pull income from the ground, such as seed, equipment parts and fertilizer. Those costs have increased by more than 30% in the last five years, according to USDA data. This is, in part, due to inflation and rising interest rates.

https://www.cbsnews.com/news/us-farms-financial-challenges-60-minutes/