Word: ccc
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...support price. Later the farmer may repay the loan, reclaim his crop, and sell it on the open market. Or, if he finds that the market price is lower than the support price, he can simply keep that loan and, in exchange, assign the stored crop to the CCC. That is what happens to about two-thirds of the stuff on which farmers get CCC loans-the Government, and thereby the taxpayer, gets stuck with...
Some of the surplus is sent overseas in exchange for soft currencies and strategic materials. Some is simply given away, abroad and at home, through Food for Peace, famine relief, school lunch, and aid-to-the-needy programs. Despite these openhanded disposal efforts, the CCC still has so much produce that the handling and storage costs alone amount to roughly a billion dollars a year. The CCC's inventories (not counting the farm products stored under current crop loans (include 972 million bu. of wheat, 712 million bu. of corn, 4.7 million bales of cotton, 484 million...
...cost to the taxpayer is, of course, enormous-running to $4 billion or $5 billion a year if surplus-disposal programs are included. Acreage controls, as the CCC's massive inventories show, are ineffectual. Merely by planting crop rows closer together and dumping on more fertilizer, the farmer can increase his yield per acre. The support price gives him an incentive to do just that. It provides a built-in impetus to production, so that a support system set up to deal with oversupply tends to perpetuate the problem...
...cotton acreage allotments) and the demand will increase (because of a pending Administration bill that would, in effect, lower the price of cotton to U.S. manufacturers). Accordingly, the Administration hopes to shrink cotton-support outlays by $200 million and, in addition, dispose of $500 million worth of the CCC's present $1.7 billion cotton inventory. If things work out, the CCC's ledgers will show a net improvement of $700 million on cotton transactions...
...Hubert. Mightn't it just as well be Senate Bill No. 1 as any other? Yes, sighed the bill clerk, it might. And so it will. It happens to be Humphrey's own bill to set up a Youth Conservation Corps along the lines of the old CCC...