AGRICULTURE: Faith, Hope, & Parity

In Washington last week the farm bloc started playing patty cake with parity again. The Russell-Pace rider to the minimum wage-increase bill was purely & simply a scheme for inflating the parity price formula by the addition of farm wages. To the farmer it would mean a solid 33% boost. March's parity wheat prices, for example, would be upped from $1.58 to $2.10; the nation's overhead food bill would go up $4.5 billions.

Everybody understood such figures, but few U.S. citizens knew much about the thing that the farm bloc was trying to manipulate. What is parity?

Agricultural economists hurried to...

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