Can Farmer Savings Accounts Help Save Farming?

Mark Edelman, James Monke and Ron Durst

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: Despite a largely merited reputation for thrift, farmers in the United States do nor generally save for bad times. In contrast, Canada encourages farmer saving by matching their deposits and providing interest rare bonuses. In Australia, a relatively new program allows farmers to defer rates on savings deposits in good years so the savings can be withdrawn at lower rares during poor years. Although Congress has debated farmer savings concepts off and on since 1996, the United States has nor yer implemented a specific farmer savings account program. However, a savings program may emerge, either in the 2002 Farm Bill debate or as part of a broader package. We describe four possible savings account concepts to show the potential role that farmer savings incentives might play in future U.S. farm policy.

Date: 2001-01-01
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