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The classic depiction of the American farm an aging red barn on a plot of land tilled by a struggling mom and pop is fiction. Its time for Congress to rethink farm subsidies. For decades farm interest groups on Capitol Hill have argued that farmers are struggling and need substantial government assistance. The first pro-subsidy argument is that farmers are facing a financial crisis. In 2017 the House Agriculture Committee Chairman pointed out that farmers have seen a 45% drop in their incomes between 2014 and 2016, the largest drop since the Great Depression. This statement is in fact true, however farm income may not be the correct measure to use. Farm income measures the value produced by a farm in a given year, regardless of whether the products are sold or not. This is very important for annual GDP calculations, but farmers will often store their products and sell them when they can get a better price. To understand how farmers are doing financially, it is better to look at f
