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| I agree to an extent that often times debt is added in higher income periods. I think the ratio is still much more sensitive to the income fluctuations.
This is inflation adjusted data. Debt growth actually appears to have somewhat cooled it jets, which tells me many did take these past few good years and chose to not "double down" by adding a lot more debt.
https://www.ers.usda.gov/topics/farm-economy/farm-sector-income-fina...
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Farm level Debt / EBITDA
