Word: cottons
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Dates: during 1950-1959
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When the Communists took over China in 1949. Red leaders continued to wear their "liberation uniform"-dark trousers and jackets usually padded into shapelessness with cotton. Out of both prudence and necessity China's people followed suit, and women's clothes became almost indistinguishable from men's. Those who had chi pao (long gowns), like their slinky, slit-skirted sisters in Hong Kong and Singapore, put them out of sight...
...encouraged production for the Government's bins. As of last week, the Commodity Credit Corp. had more than $9 billion of U.S. taxpayers' money (equal to the total U.S. budget of 1940) invested in surplus crops and crop loans, the bulk of it in wheat, corn and cotton...
What has happened in cotton clearly illustrates the ineffectiveness of high, rigid supports even when they are coupled with strict acreage controls. Because the U.S. was supporting (guaranteeing to buy) cotton at 90% of parity, this put a price floor under the world market. Undersold in foreign markets by cheaper cotton grown abroad, undersold at home by cheaper synthetics, U.S. cotton piled up in Government warehouses. To continue getting supports at 90%, cotton farmers last year voted to reduce their acreage by 12% and to market no more cotton than they could grow on the reduced acreage. But then they...
...Farm-state Congressmen who joined the stampede to vote for the Democrats' ill-conceived farm bill (TIME, April 23) have received relatively little mail about the President's veto. The reaction has been selective, largely by crop. Many Southern farmers are angry because the support prices on cotton and peanuts will be considerably below last year's. There is some anger and disappointment among wheat farmers because the wheat price support announced by the President (a national average of $2 a bushel), although 19? above the previously announced price, is 8? below last year's average...
...pork was king. Beef is not only the biggest single item on the U.S. food bill (17? out of every food $1) but it is also the largest single source of U.S. agricultural income. Farmers and ranchers grossed more from beef in 1955 than for their crops of wheat, cotton, rye and rice put together...