Word: ibs
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Dates: during 1960-1969
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Consider the tattered state of Old King Cotton. To perpetuate 200,000 politically potent but economically inefficient small cotton farmers in the Southeast, the Government supports cotton prices at 33? a Ib. Since this is well above the present world price of about 23? a Ib., U.S. cotton exporters complain that they cannot compete in world markets. So the Government gives them an 8½?-a-lb. export subsidy. But this distresses U.S. textile makers, who must pay 33? a Ib. for their cotton and howl that they are being swamped by imported textiles made from U.S. cotton that foreign...
Hoping to win the support of Southern textile makers for his tariff-melting Trade Expansion bill. President Kennedy last winter urged the Tariff Commission to put an extra tax of 8½?-a Ib. on imported cotton textiles (which are already saddled with a 14?-a-lb. tariff). But last week the Tariff Commission turned Kennedy down. By a vote of 3 to 2. the commission decided that it would be a bit absurd to establish an import tax to offset an export subsidy which had been established to offset a price support...
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...
...newsstands, the new Sunday paper had a clean, uncluttered look (six columns to the page instead of the customary eight), and it was certainly easy to carry home (8 oz. v. the 4 Ib. 2 oz. of the New York Times). The pictures were played for dramatic effect: a blast-off shot of Saturn, the U.S.'s largest rocket, soared majestically the length of the page; a glowering portrait of Brigadier General William B. Rosson, the U.S. Army's guerrilla warfare expert, was brutally cropped to eliminate part of the general's brow, all of his hair...
...line up in alleyways to buy bits of pancake or oily fritters at outdoor stoves. Often the street hawker runs out of food before half the line is fed. Those who can afford it visit the "free" markets, where peasants sell eggs at 30? each, peanuts at $2 per Ib. and chickens at $3 per Ib...