America's Inflation Crisis Illustrates Democrats' Disconnect from Rural America's Struggles

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Farmers across the country are experiencing higher costs for chemicals, seeds, fertilizer, equipment, fuel, and labor, among other increased input costs. The squeeze and uncertainty felt by farmers and ranchers right now will be felt for years to come. This means the high food prices we see now may be with us for some time. Dr. Goodspeed, can you discuss how persistent inflation isn't simply a supply-chain, logistics, or pandemic recovery issue, but spreads much deeper into the economy?

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I started out farming, Doctor, in 1977 as we slid into the inflationary period of the Carter years, and we went through Mr. Volker's dramatic tightening of the money supply and we saw the old 1930s interest rate caps come off. I borrowed cow feed money at 17% in 1981 and was so happy to get it. So happy to get it. But I also watched a generation of young farmers and ranchers who'd come home from the Vietnam War, who were absolutely exposed economically, be destroyed and the last of those Sheriff's sales were still taking place in the 1980s. So I carry a few scars of watching my neighbors. We need to try to avoid that, don't we, Doctor?

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