In the teeth of a cold, hostile, subsidy-loving audience, the President of the U.S. last week laid down his philosophy that Government aid should be a stopgap thing and hinted strongly that it was high time for his listeners to stop asking for more subsidies. Occasion: the meeting of 8,000 delegates to the 17th annual convention of the National Rural Electric Cooperative Association, lobbyist for the farm co-ops subsidized by the U.S. under the Rural Electrification Administration.
Born during the Depression, REA sought, by offering loans at a less-than-cost rate of 2% interest, to bring electricity to thousands of farm families...
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