The latest episode of NCIS’s Keep America Growing podcast takes a closer look at the mounting pressures facing U.S. agriculture, and how policy and policymakers are responding. Featuring Dr. Bart Fischer of Texas A&M University, the conversation offers a candid assessment of today’s farm economy and the role of the safety net moving forward.

Fischer doesn’t sugarcoat the current outlook. “The outlook right now is not so good… it’s probably at or near… the worst outlook we’ve had in 40 years,” he said, pointing to widespread financial stress across commodities.

At the same time, he noted that policymakers have continued to respond, even if imperfectly, to provide critical liquidity to farmers. 

While U.S. agriculture is essentially still operating under the 2018 Farm Bill, Fischer explained, policymakers have used appropriations and budget vehicles to step in with much-needed aid and to make investments in policies like crop insurance.  

The discussion also highlights the unintended consequences of heavy reliance on ad hoc disaster support. Fischer observed that when large infusions of aid ripple through the system, it can have an inflationary impact on farm inputs. That’s one reason why he prefers shifting away from ad hoc and instead shoring up long-term, predictable tools within the farm safety net.

That brings the conversation back to crop insurance, which Fischer describes as “the cornerstone of the farm safety net.” He emphasized that the modern system, built on public-private partnership and continuous improvement, works “stunningly well.” 

Still, he cautioned that the system must keep evolving. As risk exposure grows, maintaining a strong partnership between the federal government and private industry will be critical to ensuring crop insurance remains viable for the long term.

The full episode, and past podcasts, can be found here or anywhere you download your favorite podcasts.