By Peter I. Bogucki, Pam J. Crabtree
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Additional info for Ancient Europe, 8000 B.C. to A.D. 1000: An Encyclopedia of the Barbarian World
The debate over farm subsidies intensified during the 1970s and 1980s, as American political rhetoric emphasized the importance of lowering food prices and limiting spending on farm subsidies. 10 Short Entries The Agricultural and Consumer Protection Act of 1973 reformulated the price support system. Under this new “deficiency payment” system, crop prices were compared with a USDA target price, and farmers received compensation for any shortfall. The deficiency payment system continued to form the basis for federal agricultural policy into the presidency of Bill Clinton, but it did little to curb overproduction or raise income levels for family farms.
Initially created in 1935 under Title IV of the Social Security Act as Aid to Dependent Children, the program’s principal objective focused on preventing poor families from placing their children in orphanages in exchange for direct cash payments. The program was renamed Aid to Families with Dependent Children (AFDC) in 1962, and the federal government matched state funds for the program. Although AFDC remained an entitlement of the federal government’s budget, individual states determined eligibility and amount of benefits received, resulting in significant variation from state to state.
The American Stock Exchange (AMEX) originally began as an outdoor trading center for government securities and for other companies in the mid-1850s. Known initially as “the Curb” because all transaction occurred outside, it organized formally under the name of the New York Curb Agency after federal legislation tightened control over trading activities by 1908. In 1921, the exchange moved indoors to its present location at 86 Trinity Place in New York City. The New York Curb Agency traded commodities, monetary instruments, and the stocks of smaller companies not traded on the New York Stock Exchange.