Word: priced
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Dates: during 1950-1959
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Barely two months ago, in a moment of unwonted honesty, Red China's braggart overlords admitted that the economic achievements of 1958's Great Leap Forward had been vastly inflated, and revised their 1959 production goals downward. But the price of truth proved too painful. Fortnight ago, during the celebration of the tenth anniversary of the Red takeover in China, Premier Chou En-lai complained: "The imperialists ridicule our adjusted 1959 plan as a 'big leap backward' . . . Obviously, it is a continued great leap forward on the basis of the exceptionally big leap forward [the year...
Almost without exception, responsible Western economists recognize that to deny that Red China is growing economically would be selfdelusion. At a fearful price in oppression and human suffering, the Chinese Communists have, as Chou En-lai claims, made "earthshaking changes" in the Chinese economy in the last decade. But faced with the phantasmagoric nonsense emerging from Peking last week, even those Westerners most ready to be impressed by Chinese Communist accomplishments could do nothing but shrug: "Here we go again...
...home town of Natchez (pop. 29,200) from some 50,000 curbsiders. In Jackson, state legislators, elated over Mississippi misses copping the Miss America crown two years in a row, passed a resolution commending Lynda Lee, authorized issuance of special, optional license plates for cars' front bumpers (price: $1). The legend: "Mississippi, Home of Miss Americas, Land of Beautiful Women...
Enticed by U.S. corn-price supports that place no limit whatever on acreage, U.S. farmers have so expanded their corn plantings that this year's harvest will hit 4.4 billion bu., 17% more than in record 1958. Iowa, the No. 1 corn state, expects an 827-million-bu. harvest, up from the record 669 million last year. Illinois, No. 2, anticipates 696 million bu., up from 599 million. Even No. 3. Minnesota, looks for 360 million bu., an increase of 15% over last year, despite a severe drought...
Pick Your Acreage. The trouble for both farmers and taxpayers lies in the new corn-support laws passed by Congress last year. Under the old system, farmers who voluntarily restricted their acreage were protected by a support price of $1.36 per bu., while those who planted all they wanted to plant got only $1.06. The new law, supported by both Republicans and Democrats, aimed at compromise with a straight $1.12 per bu., with no attempt to control acreage. Secretary of Agriculture Ezra Taft Benson rashly guessed that there would be little increase in corn production. Even when farmers disclosed their...