Cutting the Surplus

Bushel by bushel, bale by bale, the U.S. has succeeded in cutting down its embarrassing surplus of farm products by $2.9 billion since 1954 (still leaving more than $8 billion), the White House reported last week to Congress. Of that amount, $1.2 billion in surplus food, tobacco and cotton was either sold, bartered (for precious minerals and other materials), or given outright to the needy during the first six months of 1956. Overall, the U.S. lost money in the disposal, from 1) a $1.3 billion deficit on the actual sales and donations, 2) the exchange of surpluses for foreign currency, most of which was dispensed again in foreign aid. While the President was on the subject, he added his hope that Congress would double the $1.5 billion ceiling on foreign-currency transactions, also permit the U.S. to barter with Iron Curtain countries.

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