OF THE CAPITOL.
A BIPARTISAN PACKAGE OF BILLS
HAS BEEN INTRODUCED AIMING TO
HELP FAMILY FARMERS OF ALL AGES,
INCLUDING REDUCING STUDENT LOAN
DEBT FOR NEW FARMERS AND HELPING
OLDER FARMERS PLAN FOR THE NEXT
GENERATION TO TAKE OVER.
ONE OF THE COSPONSORS IS
REPUBLICAN SENATOR PATRICK
TESTIN, WHO JOINS US NOW FROM
STEVENS POINT.
THANKS FOR YOUR TIME TODAY.
>> GREAT TO BE ON.
>> WHAT'S DIFFERENCE ABOUT
HANDING DOWN THE FAMILY FARM
THAN IN THE PAST AND HOW WILL
THIS BILL HELP THAT?
>> WELL, FARM SUCCESSION, IT'S A
REALLY TOUGH DISCUSSION, AND
CURRENTLY RIGHT NOW WHEN YOU
TAKE A LOOK AT THE AVERAGE AGE
OF OUR FARMERS, IT'S APPROACHING
57 YEARS OLD.
WE DON'T HAVE THAT NEXT
GENERATION TO TAKE OVER THAT
FAMILY FARM.
AS A RESULT OF THAT, WE'VE SEEN
A RECORD NUMBER OF BANKRUPTCIES
OF OUR SMALL FAMILY FARMS.
WE CERTAINLY DON'T WANT THOSE TO
DISAPPEAR IN RURAL WISCONSIN.
THEY HAVE SERVED AS A BACKBONE
OF OUR ECONOMY SINCE THE
FOUNDING OF OUR STATE.
WE WANT OUR FARMERS TO HAVE
THOSE CONVERSATIONS AND WE THINK
THE BILL IS GOING TO DO JUST
THAT SO WE CAN ENSURE SMALL
FAMILY FARMS REMAIN A STAPLE IN
OUR RURAL COMMUNITIES.
>> IN THE PAST IN OLDER
GENERATIONS IT WAS USUALLY THE
OLDEST SON WOULD TAKE OVER THE
FARM AND WORK ON IT AND INHERIT
AND A LOT OF THE OTHER CHILDREN
MIGHT BE OFF ON THEIR OWN.
NOWADAYS IT SEEMS LIKE THE
PARENTS WANT TO SPLIT IT UP
EVENLY AND THAT US CAUSES ISSUES
WITH ONE CHILD NOT BEING ABLE TO
AFFORD TO BUY OUT THE REST.
WILL THIS HELP THAT?
>> WE HOPE SO.
TODAY'S AGRICULTURE ECONOMY IS
REALLY BIG BUSINESS.
IT'S INTENSIVE.
THAT'S ONE OF THE MAIN REASONS
WHY YOU'RE SEEING LELS SEEING LESS AND LESS
PEOPLE TAKING OVER THE FAMILY
FARM.
IT'S RIG WUS WORK.
WE HAVE LOW COMMODITY PRICES.
WITH THE TRADE WAR GOING ON, WE
NEED TO MAKE SURE THERE ARE
RESOURCES AVAILABLE FOR THAT
SUCCESSION, THAT WHEN FARMERS
ARE NEARING THE END OF THEIR
CAREER AND THEY'RE GOING TO HANG
UP THEIR BOOTS, THAT WHEN THEY
SIT DOWN, HAVE THESE
DISCUSSIONS, IT'S NOT SO
DIFFICULT.
THIS IS WHAT THIS BILL AIMS TO
DO IS START THAT PROCESS, LAY
OUT A PLAN AND ENSURE THAT WHEN
THEY HAND DOWN THE FARM TO
EITHER A FAMILY MEMBER OR
SOMEONE ELSE, THAT IT'S A SMOOTH
TRANSITION.
>> YOU MENTIONED THE TRADE WAR.
HOW HAVE DONALD TRUMP'S
AGRICULTURE TARIFFS AFFECTED
FARMERS IN YOUR DISTRICT?
>> I'VE HAD A LOT OF
CONVERSATIONS WITH REMEMBER
FAKERSWITH FARMERSTHROUGHOUT THE DISTRICT.
MANY ARE TRYING TO GIVE HIM THE
BENEFIT OF THE DOUBT.
THEY WANT FREE TRADE, FAIR
TRADE.
THEY'RE OPTIMISTIC, HOLDING OUT
THAT WE CAN GET NEW DEALS PUT IN
PLACE FOR THE USMC AND NEW TRADE
DEAL WITH CHINA TO ADDRESS THESE
ISSUES AND ENSURE THAT IT'S
EQUITABLE ACROSS THE BOARD.
>> DO YOU SUPPORT THIS PATH OF
INTRODUCING TARIFFS TO FORCE
THIS ISSUE?
>> WELL, REALLY, I MEAN, IT'S A
-- FOR ME, I'M A FREE TRADE GUY,
BUT THIS IS ONE OF THOSE ISSUES
WHERE I THINK FOR YEARS
COUNTRIES LIKE CHINA HAVE TAKEN
ADVANTAGE OF THE U.S.
AND SO IN THIS PARTICULAR
INSTANCE I'M TRYING TO GIVE THE
PRESIDENT THE BENEFIT OF THE
DOUBT TO GO TO THE NEGOTIATING
TABLE, HOPEFULLY HAVE THE
CHINESE GOVERNMENT COME TO THE
TABLE AND COME TO AN AGREEMENT
ON NEW DEALS IN THE BEST
INTEREST OF NOT ONLY WISCONSIN,
BUT THE U.S. AS WELL AS CHINA.
>> NOW, OTHER BILLS INCLUDE A
PROPOSAL TO HELP STUDENT LOAN
DEBT FOR NEW FARMERS.
DO YOU SUPPORT THAT BILL?
IS THERE REALLY STUDENT LOAN
DEBT THAT'S PREVENTING FARMERS
FROM GETTING INTO THIS INDUSTRY?
>> WELL, STUDENT LOAN DEBT'S A
BIG ISSUE.
I READ AN ARTICLE YESTERDAY THAT
STUDENT LOAN DEBT IS PUSHING
AROUND $23 BILLION.
WHEN YOU LOOK AT THE SIMPLE COST
TO GET INTO AGRICULTURE,
HARVESTER CAN COST UP TO
$500,000.
THAT IS A SIGNIFICANT AMOUNT OF
CASH.
SO THIS BILL IS GOING TO HELP
ALLEVIATE SOME OF THE HURDLES OF
ENTRY INTO FARMING.
IT'S CERTAINLY WORTH HAVING THAT
CONVERSATION AND SEE IF THERE'S
SUPPORT FOR IT.
>> THERE'S BEEN A PUSH FOR
LOOKING AT STUDENT LOAN DEBT FOR
ALL BORROWERS.
WOULD YOU LOOK AT THE ENTIRE
STUDENT LOAN PACK INDUSTRY?
>> IT'S REALLY TOUGH BECAUSE A
LOT OF THIS IS DICTATED BY THE
FEDERAL GOVERNMENT.
BUT IF THERE WERE WAYS THAT WE
CAN TRY AND REFINANCE LOANS, I'M
CERTAINLY OPEN TO THAT
CONVERSATION.
THE TRICKY PART IS IS THAT
STUDENT LOAN DEBT, IT'S A RISKY
BUSINESS BECAUSE WHEN YOU'RE 18,
19 YEARS OLD YOU DON'T HAVE A
LONG CREDIT HISTORY.
THAT'S A HUGE RISK.
IF WE COULD FIND A PROPOSAL THAT
IF THERE'S BEEN A FISCALLY
RESPONSIBLE BORROWER WHO HAS HAD
A STRONG CREDIT HISTORY, MAYBE
THEY SHOULD BE ABLE TO REFINANCE
THEIR STUDENT LOAN DEBT AND
PURSUE OPTIONS.
THERE'S BEEN DISCUSSIONS THAT WE
SHOULD CREATE AN AUTHORITY HERE
WITHIN THE STATE OF WISCONSIN,
BUT THE TRADEOFF IS IS THAT IF
WE WERE TO GO TO A STATE OPTION,
BORROWERS WOULD HAVE TO LOOK AT
WHAT THAT WOULD MEAN IF THEY
TOOK THAT OPTION BECAUSE IT
COULD MEAN YOUR LOSE YOUR
INCOME-BASED REPAYMENT PLANS AND
OTHER PLANS PROVIDED THROUGH THE
U.S. DEPARTMENT OF EDUCATION.
>> SENATOR TESTIN, THANK YOU FOR