Reading the news or watching T.V. will tell us that our national economy is still in a recession and the European Union has huge economic problems to solve. What a contrast I see when I drive around rural Minnesota and South Dakota. In farm country five years of relative prosperity is evident. I see new farm houses being constructed, older ones being remodeled. It is common to see shiny new grain bins, large machine sheds and pattern tiling on farms today. It is great to see rural residents improving their standard of living and investing in infrastructure that will permit them to enjoy life and be more efficient in the future of their farming enterprise.
Because farming is such a capital intensive business, many farm families that I know personally have always had to prioritize where the capital might best be spent. Often times the family reduced their standard of living so that the net earnings could be plowed back into the farm.
It is nice to see that perhaps today the earnings permit a little extra capital to provide for both farm and personal use.