Word: glut
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...some oilmen, mainly the big importers, the growing glut is a result of domestic overproduction during the Suez crisis. They argue for drastic cutbacks in U.S. production. But in many oil states, which depend on oil for more than 10% of their tax revenues, output has already hit rock bottom. In Texas, which supplies 42% of all U.S. oil, October output was limited to twelve days, lowest allowable since 1939. Louisiana wells are producing at history's lowest rate, while Oklahoma is so pressed that it went to court last week with a $500 million suit against Gulf...
Perhaps the real trouble with the American musical theater, of which Rumple is a fair sample, is a glut of achievement. In Porgy and Bess it can boast at least one genuine masterpiece, and in the work of Richard Rogers and Cole Porter it generally displays a very high level of taste and integrity. Furthermore, any cultural phenomenon which shows so much tenacity as the musical theater must fill a real need or it could not exist for thirty or forty years without alteration. Musicals are not only the very distillation of glamor and sophistication, but also hold...
...controls (for farmers who complied with controls, the support price is $1.36). He was "sorry," said Benson, but he just had to take the step, because if free-market corn prices fell too low, farmers would take advantage of cheap feed and raise so many piglets that a hog glut would result. Benson might have added that the cheap-corn danger is a result of the chronic corn surplus, which in turn is a result of, the jerry-built federal price-support programs...
...strikes reflect the tensions and distortions of Uruguay's economy. On rolling land that could provide some of the lushest cattle and sheep pasturage in the world, wheat is being grown, encouraged by government price supports despite the world wheat glut. Ranchers, penalized by taxes and government cheap-meat policies, are producing less beef and wool-the country's mainstay exports. So serious are the shortages that 4,000 packinghouse employees have been laid off and the government has even been forced at times to import cattle, both for local consumption and for export as corned beef. Moreover...
...glut is largely the fault of the federal price-support program, a mode of agricultural life so obsolete that in its present form it amounts to a national scandal. Designed to cope with the problem of farm surpluses, it brings on bigger surpluses by setting high price supports. Designed to keep small farmers from going broke when surpluses drag prices down, it actually helps the poorest farmers least and the richest most. Designed to bolster the health and welfare of agricultural communities, it has tempted many a farmer to sharp practices because "only suckers" would refuse to take advantage...