(NAFB.com) – The USDA’s release of the 2024 Farm Sector Income Forecast shows lower income for U.S. farmers and ranchers. House Ag Committee Chair GT Thompson (R-PA) and Senate Ag Committee Ranking Member John Boozman (R-AR) say the income update underscores what Ag Committee Republicans in the House and Senate have been warning about for two years. “America’s farmers and ranchers are in serious trouble, and the outlook remains grim,” they said in a statement. “From 2023 to today, row crop producers alone have lost more than $50 billion and stand to lose even more next year.” They also stressed that immediate action is required to stabilize the farm economy and prevent a crisis that will only get more expensive to address over time. “Reauthorizing a five-year farm bill with significant improvements to the safety net is critical to restore certainty for our producers,” they added. “Farmers and ranchers deserve better.”