Word: cotton
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Dates: during 1960-1969
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Clobbering the Taxpayers. But the biggest single cause of the textilemen's woes is the Government support programs for cotton (which still accounts for two-thirds of all the fiber used...
...perpetuate the unproductive but politically potent cotton farmers of the Southeast-and the thousands of small Southern businessmen who live off them -the U.S. props cotton prices at 33? a lb. v. the comparable world price...
...virtually unanimous in their cry for Government help. A clutter of hundreds of savagely competing firms, the textile industry is dogged by the fact that since World War II, Americans have steadily reduced the percentage of their income they spend on clothes. As a result, U.S. production of cotton goods has fallen 2% since 1947, prices have shrunk 3%, and textile jobs have declined from 1,325,000 to 840,000. For the industry as a whole, profits run less than 2? on the dollar, which is one reason why textile stocks are selling below their book values...
This artificially high U.S. price, coupled with severe limitations on imports of raw cotton, saddles the U.S. textile industry with $250 million a year in extra costs. At the same time, because foreigners refuse to pay the U.S. price, Washington subsidizes cotton exports to the tune of 8^ per Ib.-which makes it possible for foreign textile makers to buy U.S. cotton at the low world price, then ship it back to the U.S. as cheap finished goods...
...cotton handout, which costs...