Truth in the Barrel: Ask A Farmer 2 w/ Rusty Thompson

Hosts: Amy McGrath & Denver Riggleman
Guest: Rusty Thompson (Farmer, Versailles, Kentucky)
Date: December 2, 2025

Episode Overview

This episode of Truth in the Barrel brings farmer and Kentucky native Rusty Thompson into conversation with hosts Amy McGrath and Denver Riggleman, both veterans with political and whiskey interests. The discussion focuses on the stark challenges facing American farmers today—trade wars, tariffs, shrinking markets, volatile policy, and rural healthcare. Rusty shares first-hand insight into the economic, political, and personal realities shaping life on the farm in 2025, with particular focus on the impacts of recent presidential and congressional actions on local agriculture and the bourbon industry.

Key Discussion Points and Insights

1. Introduction to Rusty Thompson’s Farm and Operations

• Background: Rusty is a third-generation farmer, running a 1400-acre operation alongside his family.
• Crops & Products: Corn, soybeans, wheat (primarily for straw bedding for the horse industry), cash hay, beef cattle.
• Notable Quote [02:19]:
  “I’m a third generation farmer, was born and raised on the farm right across the road from where we are… We’re taking care of about 1400 acres here on this little road here in Versailles.” —Rusty Thompson

2. Distilleries and Local Markets

• Local Industry: Proximity to major bourbon distilleries such as Wild Turkey, Woodford Reserve, and Castle & Key.
• Economic Ties: Local farms supply grains for bourbon production, which generates important income streams.

3. Economic Uncertainty & Market Volatility

• Unprecedented Uncertainty: Market conditions are worse than Rusty has ever seen in 48 years of farming ([04:04]).

• International Market Dynamics: U.S. agriculture is deeply tied to global trade; disruptions have direct impacts at the local level.

• Challenges: Difficulty in marketing products due to tariffs and shifts in international policy, especially concerning China.

  Notable Quote [04:04]:
  “Economically the uncertainty is, is above and beyond anything I’ve ever experienced. I’m 66, started farming when I was 18... The uncertainty is not of what I produce, but how I can market the products that we produce.” —Rusty Thompson

4. Impact of Tariffs and Trade War

• Trade Imbalances & Tariffs: Policies originally intended to correct trade imbalances or encourage manufacturing are failing farmers ([06:58]).

• China’s Response: China, formerly the largest export market for U.S. soybeans, shifted to other suppliers.

• Direct Financial Losses: Soybean tariffs have slashed per-bushel prices and decimated local profits ([07:34]).

  Notable Quote [07:34]:
  “They took $2.50 a bushel minimum off every bushel of soybeans... I took an $80 per acre hit on every acre of soybeans because I don’t have enough storage to ride it out.” —Rusty Thompson

• Too Late for Recent Deals: Recent attempts to strike trade deals with China are seen as “too late” for this year’s crops ([08:13]).

• Argentina’s Role: U.S. government bailout of Argentina allowed them to undercut American farmers and supply China, fueling frustration.

  Notable Quote [09:23]:
  “He wrote a $20 billion check to bail out Argentina... They took the money and they undercut us on US soybeans and sold soybeans to China.” —Rusty Thompson

5. The Beef Market Crisis

• Importing Argentinian Beef: Announcement to buy beef from Argentina caused an immediate market crash for American cattle farmers ([10:12]).

• Price Drop: $240 loss per calf overnight for Rusty after “two Fridays ago” announcement.

• Consumer Impact: No decrease in prices for American consumers; imports mostly hurt farmers and don’t reduce store prices.

  Notable Quote [10:12]:
  “When that announcement came out... the market dropped $240 per calf overnight. There’s 32 million cattle in the United States, Amy. That’s a lot of zeros. It didn’t change the price of hamburger one iota.” —Rusty Thompson

6. Political Disenfranchisement & Congressional Inaction

• Local Sentiment Shift: Farmers appreciated bailout checks but are losing patience; feel they’ve been misled ("You can screw us once...but if you lie to us, it’ll never happen again" [11:32]).
• Congressional Accountability: Deep dissatisfaction with Kentucky’s representation (especially Rep. Barr); lack of town halls and direct engagement is criticized ([13:05]).
• Praise for Dissenters: Rusty commends Rand Paul and Thomas Massie for questioning trade policy.

7. Secondary Effects: Bourbon & Allied Industries

• Collateral Damage: Bourbon industry is suffering from trade retaliation, with bourbon pulled from shelves in Canada and Europe ([15:01]).
• Broader Impact: Knock-on effects for corn farmers, distillers, beef producers, and others who rely on stable export markets.

8. Dysfunctional Federal Agencies

• Farm Service Agency (FSA): Offices closed, farmer assistance stalled; Rusty can’t certify wheat acres or buy insurance for the next crop ([16:04]).

• Costly Bailouts: Every bailout check from the federal government costs all taxpayers, not just farmers ([16:31]).

  Notable Quote [16:35]:
  “I would rather have a market than have a bailout check.” —Rusty Thompson

9. Global Standing: Loss of Goodwill

• USAID & Food Security: Cuts to international food aid harm U.S. reputation and destabilize farmers who benefited from exporting surplus to support diplomatic objectives ([24:31], [24:45]).
• Healthcare Crisis: Farmers struggle with inadequate, expensive coverage and face the danger of rural hospital closures ([23:36]).

10. Policy, Leadership, and Accountability

• Critique of Leadership: Rusty denounces politicians for lacking courage and failing to stand up for rural American interests (“He’s not a leader. Right. A leader encourages. A leader educates...He is not that at all. It’s revenge.” [26:06]).
• Need for Common Sense: Emphasis on electing leaders who will engage with constituents, refuse to be controlled by party loyalty, and can work across the aisle ([32:18]).

Notable Quotes and Memorable Moments

• “The American farmer raises the safest and most nutritious food of any country in the world, far beyond anyone else. And I’m proud of that.” – Rusty Thompson [04:36]
• “I gamble every day with bigger dollars than fooling with a dollar scratch off.” – Rusty Thompson [08:52]
• “Congressman Barr, I’m terribly disappointed. He has no backbone. None. He’s a Muppet. He’s a puppet on the Muppet show on Saturdays.” – Rusty Thompson [13:05]
• “We’ve got twice as many barrels of bourbon in Kentucky than we have as a population base. And our president has upset Canada. Bourbon has been taken off of the shelf in Canada. It’s off of the shelves in many of our European Union countries.” – Rusty Thompson [14:52]
• “I would rather have a market than have a bailout check.” – Rusty Thompson [16:35]
• “He is not a leader...It’s revenge.” – Rusty Thompson on Trump [26:06]
• “Our cattle numbers are in a huge decline...you just can’t replace a cow herd overnight.” – Rusty Thompson [28:24]
• “We need more people who have common sense to get back into government and get it running again.” – Rusty Thompson [37:07]

Timestamps for Key Segments

• 01:32 Host sets the stage: The forgotten farmer in American politics
• 02:19 Rusty introduces his family and farm
• 03:31 Impact of local distilleries on the economy
• 04:04 Economic uncertainty and changes in global farm markets
• 06:57 Discussion of tariffs and their stated intentions
• 07:34 Quantifying financial loss: Tariffs and soybeans
• 08:13 The futility of new trade deals
• 09:23 The ramifications of the Argentina bailout
• 10:12 The impact of Argentine beef imports
• 13:05 Frustrations with Congressional representation
• 15:01 The effect of tariffs on Kentucky’s bourbon industry
• 16:31 Bailing out farmers and the public cost
• 23:36 The rural healthcare squeeze and hospital closures
• 24:31 Cuts to USAID and loss of international goodwill
• 26:06 Rusty’s call for real leadership
• 28:24 Cattle cycle explanation and supply issues
• 32:18 What Rusty wants from leaders in Washington
• 37:07 Why common sense is needed in government

Takeaways

• Farmers are suffering: Trade policy, tariffs, and market volatility have gutted profitability and stability for Rusty and his peers.
• Bailouts are no substitute for markets: Direct payments can’t replace long-term, reliable outlets for selling crops and livestock.
• Broader impact: Policy missteps hurt not just farmers but local economies, the bourbon industry, and global goodwill.
• Demand for accountability: There’s an urgent call for representatives to listen, host town halls, and put constituents above party.
• Need for functioning government: Farmers and rural communities depend on federal agencies that are currently stalled or underfunded.
• Health care and basic services at risk: The collapse of rural hospitals and insufficient health options add to farm families’ stress.
• Leadership should inspire, not divide: Rusty is candid: “A leader encourages. A leader educates.” Revenge and chaos are not policies.

This episode delivers an unvarnished, grounded view of what’s truly at stake for rural America—and the dangers of political decisions removed from the real lives of the people they impact.