Comment by 9rx
1 month ago
> All farmers are rich. You have to understand that "farmer" doesn't mean "someone who works on a farm". It means "someone who owns a farm".
Rich, as in richer than broke? I opened my farm business with a $15,000 (inflation adjusted) investment. That's a good chunk of change, but probably not what anyone is imagining as rich. The average household keeps more than that in their bank account. It is in the realm of something most can afford to do, if they are willing to stomach the high risk.
> If you own a farm today, it is because you were successful at the business of farming.
Even on day one of operating the business? Technically you own one, but if you are bankrupt tomorrow, was that really success in the business of farming? Surely there needs to be some kind of proving period at least?
> To be successful at farming in the last century, you need a lot of land.
Depends on what you want out of it. If your goal is to amass endless assets to sell when you retire, then yes, you need a lot of land (and a lot of debt). If your goal is to provide a tidy income, you can do quite well with a small acreage. And I don't mean some kind of market garden thing, although that is an option too. I mean even plain old commodity farming.
It's a lot like the software industry. You can forego a paycheque to try to build a startup that rains fortunes down upon you when you are ready to let go, or you can get a job that pays a decent salary but will never make you unfathomably rich. A farm that has achieved both isn't unheard of, but generally that requires many generations all having great luck. Not exactly the norm.
Of course, like the software industry, the "startup" sounds like more fun, so that is certainly where most farms try to go. Someone looking for a paycheque can find that doing any kind of job, so this group also needs to have a deep love for farming; not just an interest in finance like the former can attract.
> When Republicans talk about tax cuts (especially the estate tax), who do you think they're talking to? Farmers.
In my country there are exceptions carved out for farmers on that front. The public accepts it because "passing down the family farm" over "corporations buying it all" is considered a social good. Why do you think Republicans have to speak (and even apply, perhaps) in broad terms and not simply say "tax cuts for farmers only"? Do Republicans not like farmers? But if they didn't like farmers, why would they ("secretly") introduce tax cuts for farmers?
Somewhere around 50-60% of Americans do not have $15k in the bank. The average American is more likely to have about $8k available to them, and of course that average is only an average, so likely 33% or more of Americans do not have $8,000 available to them.
This is likely easily skewed because the bar is set so low and the top 5% are so far above that bar that 1 person can outweigh the cash availability of tens or hundreds of thousands.
> The average American is more likely to have about $8k available to them, The average American is more likely to have about $8k available to them, and of course that average is only an average
That is the median. The earlier figure was mean. But, still, that just means starting half the farm I did, which is still quite realistic. You don't need 30,000 acres in your first year — or, frankly, ever. It's a good chunk of change, but not what "rich" usually implies.