Word: exportability
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...suffering the most. The rural South has also been hard hit. California, with its wide diversity of crops (more than 200 in all) and clement weather, is faring better, but even there growers are worried. Because the large Eastern markets are close, mid-Atlantic farmers have avoided the export crunch that has badly hurt the heartland...
Worst of all, perhaps, export demand shriveled. Exports have become vital, not just to the prosperity but to the survival of many U.S. farms. Under Secretary of Agriculture Daniel Amstutz estimates that, using modern mass- production techniques and breakthroughs promised by biogenetic research, the U.S. could soon grow enough grain and fiber to feed and clothe itself comfortably operating at just half its full crop-growing capacity; the rest could be profitably employed only by selling overseas. But U.S. farm exports, after multiplying more than six times, from $7 billion in 1970 to a peak of $43.8 billion...
Most striking, Reagan plans to eliminate entirely a clutch of programs, including loans by the Small Business Administration and the Export-Import Bank, subsidies to Amtrak and urban mass transportation, and general revenue- sharing grants to cities and counties. The fact that nearly all of these slashes have been well publicized in advance does not make them any less bold an attempt to carry out Reagan's philosophical objective of reducing the role of the Federal Government in American life. In part, the howl probably has been delayed rather than suppressed. Democrats, cowed by Reagan's 49-state electoral sweep...
...Detroit underestimates the new challenge. Says Ford Chairman Donald Petersen: "The Koreans are bound to be one more very unsettling dynamic in the worldwide car market." He believes the Japanese will export more up- scale models to the U.S. and leave the less expensive sector to Korea...
...latest run on the pound was triggered primarily by concerns about the future of world oil prices. Because of the current glut in crude, petroleum + prices have been sliding for several months. Britain earns nearly $13 billion from the export of oil, and lower prices would be a serious blow to its economy...