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The Agricultural Adjustment Act of 1933 was an attempt to coerce reductions of agricultural products, thus driving up prices. Participation in the program was voluntary, but economic reality virtually dictated participation. The Roosevelt administration established the Agricultural Adjustment Administration (AAA) to oversee the reduction of crops and other goods. The AAA paid farmers to leave acreage unplowed and to raise fewer animals. The government also guaranteed participating farmers a minimum price for the goods they did raise, a price secured by taxing food processors and distributors. Finally, the Roosevelt administration established the Farm Credit Administration to protect farmers against creditors, offering generous loans to forestall foreclosure. Because the 1933 growing season had already begun by the time the AAA commenced operations, however, the government was forced to pay farmers to destroy their crops. Ten million acres of planted cotton were plowed under; 6 million baby pigs...
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This section contains 240 words (approx. 1 page at 300 words per page) |
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