Federal debt relief for farmers draws comparisons to student loan forgiveness

Oct 19, 2022

Mahmoud Bennett Social Media Producer

By Mahmoud Bennett (Social Media Producer), Stacey Chamberlain (Producer)

The U.S. Department of Agriculture announced it will provide $1.3 billion in debt relief for about 36,000 farmers across the country. The relief will be funded by the Inflation Reduction Act that Congress passed back in August. USDA officials said farmers and ranchers have faced incredibly tough circumstances over the past few years and that this move will provide a fresh start.

“The funding included in today’s announcement helps keep our farmers farming and provides a fresh start for producers in challenging positions,” Agriculture Secretary Tom Vilsack said.

The announcement came just weeks after the Biden administration enacted its own plan to cancel the debt of millions of student borrowers, a move the right has continued to criticize.

However, some Republican politicians who have previously criticized Biden’s student loan program would not respond to questions about whether they support the farm loan help, according to the Associated Press.

While many on social media have drawn the comparison between the two relief plans, there is one key distinction: The USDA debt relief for farmers is backed by $3.1 billion set aside by Congress, while the student debt relief signed into law by President Biden was approved with the stroke of a pen.

The USDA said this relief plan for farmers is just a first step and that it will provide further assistance to those hit hardest by the COVID-19 pandemic.

The Associated Press contributed to this report.

Tags: Farming, U.S. Department of Agriculture

MAHMOUD BENNETT: THE US DEPARTMENT OF AGRICULTURE SAYS IT’S RELIEVING MORE THAN A BILLION DOLLARS IN DEBT FOR FARMERS ACROSS THE COUNTRY.

IT’S A MOVE THAT’LL IMPACT ABOUT 36,000 PEOPLE WHO HAVE FALLEN BEHIND ON THEIR LOAN PAYMENTS.

THE RELIEF WILL BE FUNDED BY THE INFLATION REDUCTION ACT THAT WAS PASSED BY CONGRESS BACK IN AUGUST.

USDA OFFICIALS SAY FARMERS AND RANCHERS HAVE FACED INCREDIBLY TOUGH CIRCUMSTANCES OVER THE PAST FEW YEARS AND THAT THIS MOVE WILL PROVIDE A FRESH START.

IT ALL COMES JUST WEEKS AFTER THE BIDEN ADMINISTRATION ENACTED ITS OWN PLAN TO CANCEL THE DEBT OF MILLIONS OF STUDENT BORROWERS. THAT MOVE CONTINUES TO FACE BACKLASH FROM THOSE ON THE RIGHT

MEANWHILE IT’S DRAWING A SIMILARITY TO THIS LATEST MOVE BY THE USDA, AND ACCORDING TO THE ASSOCIATED PRESS SOME OF THE REPUBLICAN POLITICIANS WHO CRITICIZED BIDEN’S STUDENT LOAN PROGRAM WOULD NOT RESPOND TO QUESTIONS ABOUT WHETHER THEY SUPPORT THE FARM LOAN HELP.

COMING FULL CIRCLE – THE USDA SAYS THIS RELIEF PLAN FOR FARMERS IS JUST THE *FIRST STEP* AND THAT IT WILL PROVIDE FURTHER ASSISTANCE TO THOSE HIT HARDEST BY THE PANDEMIC