Word: program
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Dates: during 1940-1949
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...Commodity Credit Corp. will soon be scraping the bottom of its financial barrel. Additional funds must be made available . . . if the Government is to keep its promises . . . to the American farmer under the present price support program." With these politicking words for the folks on the farm, Michigan's Republican Congressman Jesse Wolcott, 28 years in Congress as "a friend of the farmer," last week suggested a bill to raise the CCC's borrowing power to $5.7 billion, an increase of a cool $1 billion...
Would even that whopping sum be enough to pay for the support program? As farmers wound up the harvest of the second biggest crop in U.S. history, CCC's present bankroll seemed none too fat. The corn crop alone might hit 3.5 billion bushels and granaries were still clogged by last year's 805 million bushel surplus...
...corn crop meant that a big pig crop was a certainty. Last week top hog prices dropped $1.25 per hundredweight in Chicago, to only $2 above the $18.50 level at which the Government must start supporting hogs and thus add another expense to the support program...
...bumper crops would not bring cheap food; the support program would keep most prices up, despite the huge surpluses. During fiscal 1949, CCC poured out $3.1 billion for loans and purchases to keep up prices on 31 commodities, just about five times the outlay in 1948. At the fiscal year's end in June, the agency had $2.3 billion tied up in loans and inventories, showing a paper loss of $356 million for the year at current market prices. Most of the support money went for only seven commodities: cotton, $822 million; corn, $470 million; wheat, $640 million; flaxseed...
...long run even the farmers might rebel against the increasing controls of support programs. They can catch a glimpse of their future in the proposed new potato support program. The more openhanded the Government becomes, the more strictly it may have to control what farmers grow right down to the bushel...