Trump tweets from his alternate universe about a windfall for famers as farm loan delinquencies surge in Wisconsin
As reports surface of farm loan delinquencies surging in Wisconsin, Donald Trump dispatched some news for farm country from his alternate universe.
"Billions pouring into USA," Trump tweeted Friday morning in defense of his trade war. "Targeted Patriot Farmers getting massive Dollars from the incoming Tariffs!"
Meanwhile, back on Earth, U.S. News & World Report notes that Wisconsin's community banks saw a record high number of delinquencies on farm loans in June. The percentage of past-due loans at community banks hit 2.9% in June, reaching rates that are comparable to those back in 2001.
The rate of Wisconsin farm loan delinquencies has doubled since Trump took office, soaring higher than in any of the other top-producing farm states. Nationwide, June saw some 1.5% of farm loans at FDIC-insured banks that were either 90 days past due on their payments or no longer accruing interest due to doubts of repayment.
Wisconsin farmers have been hit particularly hard because their crops had found markets in multiple countries impacted by Trump's trade standoffs, including China, Canada, and Mexico.
Trump won Wisconsin in 2016 by a narrow margin of less than one percentage point. Democrats are aiming to win it back in 2020.