Word: demanding
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Dates: during 1950-1959
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...Harvard in 1933, he joined Socony as a service-station attendant, moved up to become a director within 13 years. Despite the current domestic oil glut, he has spoken out strongly for continued imports on the ground that high-cost U.S. producers will be unable to match soaring future demand...
...surplus problem by long-term retirement of economically weak small farms. At the present time, under the acreage reserve clause of the soil bank program, such farms retire acreage one year, when market prices are low and support prices high; then produce at full capacity the next year when demand rises again...
...this weapon, plus elimination of "escalator" supports, Benson admittedly has the power to threaten economic ruin to large areas of agriculture. Yet Congressional charges that Benson wishes to become an agriculture "czar" confuse the threat with his long range goals. An anti-surplus program would eventually stabilize production and demand such that government support and control would be reduced, not increased...
...remains as a hangover in American politics. The depression, when agriculture and labor suffered from lack of purchasing power, made this affection a political weapon. Even in good times, farmers do not have the monopoly power other industries have. No one farmer or small group of farmers can increase demand for his product by cutting back production. When prices fall, the only course is to produce more--which causes prices to fall still further. Thus, artificial price supports are a necessary prop for a vital part of the economy...
...other hand, growing technological improvement has created producing power in excess of demand. While price support has encouraged the highly efficient agricultural supplier, it has also kept large numbers of people "down on the farm" who would have been put to better use somewhere else in the economy. And their purchasing power would have been diverted as well. Thus, any discussion about "helping the farmer instead of eliminating him," to quote Senate Majority Leader Lyndon Johnson, should distinguish between farmers worth helping and those worth discouraging. The Eisenhower farm proposals can deal with both as painlessly as possible...