POLITICAL controversy has raged for months over the Nixon Administration's openhanded use of agricultural subsidies, and particularly over the subsidized wheat deal with the Soviets. But another huge increase in federal giveaways to a troubled—and politically powerful—industry has gone almost unnoticed. Government assistance to U.S. shipbuilders and ship operators, who run some of the world's least competitive businesses, rose from $290 million in fiscal 1969 to more than $500 million in the current fiscal year. Last week, while simultaneously trying to make Congress slap a strict limit on federal spending as a...
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