Word: billioned
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Dates: during 1950-1959
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Inspired by the success of President Eisenhower's recent television appeal for a strong law to fight labor racketeering, Agriculture Secretary Ezra Taft Benson last week marched into Gettysburg, returned with a promise that Ike would plow into the multi-billion-dollar farm-subsidy scandal. Before Congress reconvenes next January, Benson said, the President will go on television with a direct appeal for public support of Benson's proposals to end the wheat surplus for which taxpayers pay dearly...
There is plenty of reason for a presidential plea to do something about wheat. The present wheat-support program (75% of parity, with a 55 million-acre limit on planting) is building toward a record 1.5 billion bushel surplus next year (cost: $3.5 billion). Benson's solution, which Congress ignored this year in passing its own bill, which President Eisenhower vetoed, would do away with acreage controls and include price supports that slide a little each year toward true market levels...
...rose only 3% a year, v. 3.1% for all manufacturing. That was an unspectacular performance, both by steel workers whose wages have been rising by an average 6.4% a year, and by steel management, which claims that it is spending so much to boost its efficiency ($1 billion a year) that it cannot afford a modest wage hike or price...
...Treasury must refinance $34 billion in the next twelve months and come to the market each week with $1,000,000,000 or more in bill offerings. Last week the interest rate that it has to pay on short-term (gi-day) bills rose to 3.4%, the highest since the fall of 1957; it may go up to 4%. What the Treasury fears most is that its dependence on short-term financing will force yields on short-term paper above yields on long-term bonds, thus attracting many investors who might ordinarily put their money in long-term securities...
...Treasury's troubles are a key part -but only a part-of the squeeze on money. Because of the new boom, there has been a large rise in business loans, which have soared from a recession low of $52 billion in May 1958 to $58 billion last month. Heavy Government financing ($13 billion deficit last year), a record volume of state and local fund-raising in the first half of 1959, and a jump in consumer credit have added to the competition for funds. Following the surge, interest rates on bank business loans in 19 major cities went from...