Well, I was a lifetime subscriber to Mother Earth News back in the 60's and 70's - Until the owners sold to a new owner and they said "Guess what, we aren't going to honor your lifetime subscription". The new owner is now trying to con people into lifetime subscriptions again. Once burned twice shy.
Anyway, that will give you some idea of what my outlook is on farming. I would agree that loans and debt are a good way to get yourself out of farming (or anything else) I don't own a vehicle I didn't pay cash for and while they are all 30+ years old I can still do all the maintainence on them easily myself (which you can't do with the "new cars". Rebuilt the engine and transmission in my 77 pickup 2 years ago. Just finishing dong some major work on my '62 VW Beetle and should have it back on the road in a week or two. Had a new VW convertible in '62 and just had to have another VW so I can listen to the sound of the engine going down the road <smile>.
Modern "Summertime" farmers that only grow grain crops are going to have some problems in the future I think. The "old ways" of keeping a variety of livestock on the farm will have to return. And then you have manure to fertilize the fields for free. Also, it is a lot more effieient to raise cattle on grass pasture than to raise them in a feed lot and grow corn and haul it and process it into feed and then have to dispose of the "hazardous waste" (manure) by hauling it somewhere to dump it.
I think you grandfather and I would have agreed on most things about farming. Especially on getting your farm paid for and then NEVER putting a mortgage on it again. Darn double digit increases in property taxes are more than enough to contend with.
Mowing your lawn with sheep and chickens is a lot more energy efficient than mowing with a riding lawn mower. (After you put up the fencing) City folks will have to go back to - Push Mowers! Remember them. I still  have a couple that I am rebuilding - Just in case <BG>
Have a nice day!