Word: nonfarmers
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Never in its history was the U.S. so prosperous. Gross national product, personal income (before and after taxes), nonfarm employment and average take-home pay of factory workers were all at record peaks. But in and out of this good news ran the red line of danger: between September and October, the Bureau of Labor Statistics reported last week, the Consumer Price Index (1947-49: 100) jumped 0.5% to hit an all time high of 117.7. The rise, the seventh in eight months, meant that the cost of living is now 2.4% dearer than a year ago. Main reason...
Corporate debt, including bonds and loans of all types, now totals $232 billion, up 40% in five years. Mortgage debt, which had been climbing steadily by $10 billion a year since 1949, spurted ahead $16.2 billion in 1955; despite the decline in homebuilding, mortgages on nonfarm, one-to-four-family housing reached a $94.2 billion peak in June, are still mounting at an estimated annual rate of $12 billion...
...politics. Since urban population has grown and farm population has decreased, the "farm vote" is no longer the key factor that it once was. Many farmers now make at least part of their income at jobs in nearby towns (in 1955 U.S. farmers made 30% of their income from nonfarm sources), and are as likely to be affected by town political sentiment as they are to have an effect upon it. Don R. Massie, a paper-company salesman who is a Republican committeeman in Bloomington, Ill., says: "Farmers used to run everything in politics here. And now they...
...squeeze, though not so serious a one as the 10% farm decline in 1955. Predicted the experts: if farmers want to live as prosperously through the present stage of agricultural readjustment as they did in the 1942-51 bonanza period, they must reduce savings and seek more income from nonfarm sources. Not until supply and demand are rebalanced can they expect much else...
...technical farm features, replaced them with over-the-fence news for farmers. To separate his rural but non-farm readers from farmers, in 1943 he bought the newsweekly Pathfinder, later changed its name to Town Journal (circ. 1,592,615), and reset its editorial sights to lure small-town nonfarm readers. To increase Farm Journal circulation, Publisher Patterson and President Richard J. Babcock, 43, started three regional editions, printing specialized news and information for farmers in all sections of the U.S. Ad revenue climbed from $300,000 in 1935 to nearly $10 million last year; circulation more than doubled...