What best describes the farm crisis that occurred during Reagans administration?

The farm crisis during Reagan's administration in the 1980s was characterized by a significant decline in agricultural prices, leading to widespread financial distress among farmers. High interest rates and the reduction of federal support programs exacerbated the situation, causing many farmers to face foreclosure and bankruptcy. This crisis was further fueled by global competition and overproduction, resulting in a dramatic drop in farm income and rural economic hardship. The government eventually implemented measures to aid affected farmers, but the impacts on rural communities were long-lasting.