Source: POLITICO'S MORNING AGRICULTURE, 12/2/19

USDA last week released its updated report on the farm economy, forecasting a 10 percent bump in agricultural income this year compared with 2018. But the projected $8.5 billion increase is fueled largely by a huge jump in government payments, like Trump's trade aid program, your host reports.

Direct farm payments are expected to total $22.4 billion, an increase of $8.8 billion or 64 percent from 2018. That means government payments would account for about 24 percent of all farm income — the largest share in more than a decade.

— Reminder: USDA has already paid more than $9 billion to farmers and ranchers for their 2019 production, with another tranche of payments now underway (and potentially a third round coming in January).

Debt check: Farm debt is on track to grow by $13.5 billion this year, or 3.4 percent. And the debt-to-asset ratio, a key measure of financial stability in the sector, also continues to tick up — but it's nowhere close to the levels of the 1980s farm crisis.