Compares the income and financial outlook for the U.S farm sector, farm businesses, and farm households in December 2010 with the outlook in December 2011. Chapter 1 of the report outlines the farm income outlook and drivers (e.g. production expenses, payments to stakeholders) that affect U.S. farm operations earnings. Chapter 2 discusses farm households and their economic well-being based off income, assets, debt, and net worth. Chapter 3 discusses projections of farm enterprise income based off of application of sector level forecasts to Agricultural Resource Management Survey (ARMS) data. Chapter 4 discusses the financial position of the agricultural sector in terms of farm asset values and farm sector debt.