The Krocak family in Montgomery, Minnesota had to auction off their equipment due to President Donald Trump's trade wars, The Washington Post reported Saturday.
"The feed chopper was the only machine Bob Krocak ever bought new, back when he was starting out as an ambitious young dairy farmer," the paper reported. "Now, on a chilly Saturday morning, Krocak, 64, was standing next to the chopper in the parking lot of Fahey Sales Auctioneers and Appraisers, trying to sell what he had always prized."
Krocak paid $6,700 for the chopper in 1977, but only received $150 for it at the auction.
"Krocak needed the money to stave off bankruptcy and hold on to the land that has been in his family since 1888. Hundreds of other farmers around the country, grappling with rising debt, dismal commodity prices and the fallout of the Trump administration’s trade wars, are facing the same fate," the paper noted. "Net farm income has dropped by nearly half in the past five years, from $123 billion to $63 billion."
"Dairy farmers have lost at least $2.3 billion in revenue since the trade wars began, according to the National Milk Producers Federation. The Krocaks were one of 313 dairy operations in Minnesota to fold in 2018, a 10 percent drop," The Post noted.
Bob Krocak's son, Marty, worries he won't be able to take over the farm.
“It’s on our minds all time. We could lose the whole farm,” Marty said.