For decades, farm-bloc politicians have bid for higher and higher farm subsidies, claiming that economic depressions are "farm-led and farm-fed." Last week the U.S. saw the old cliche working precisely in reverse. Leading and feeding the recovery from recession was the sharpest rise in farm income since 1947, the greatest ever without a war. At the end of the second quarter of 1958, farm income had jumped to a seasonally adjusted rate of $13.8 billion annually, a solid $1 billion more than the rate for the previous three months—and a fantastic $3.1 billion more than the $10.7 billion rate of...
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