The big new shortage facing the U.S. is of cotton goods. U.S. citizens might be excused for wondering whether there will be a shortage of air and water next. For years millions of Americans have been perennially sandbagged with "Buy Cotton" campaigns that have made it seem like the one inexhaustible fabric. But now, though the surplus of raw cotton is still a fact, the surplus of cotton in textile form is turning into a mirage. The components are the same as ever: lack of manpower, military demand, price ceilings at the wrong...
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