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Federal Funding of Dairy Research in the 1980's. Producer Involvement — A Must

American Jersey Cattle Club, National Dairy Herd Improvement Association

ABSTRACT

There is abundant evidence that dairying in the 1980's is to be a more challenging assignment tlian our most recent experience during the near Utopia of the 1970's. The developments of the past 18 mo may be only a hint of what is to come.

There are three forces in production that are having profound effects on how we operate our farms: interest expense, energy costs, and surplus production. Two are new, one is ancient.

The expense of borrowed funds for agricultural purposes has doubled for all practical purposes in the past 3 yr. Banks in the federal reserve system ask 17 to 20% interest today. Production Credit Association units in some areas of the Southeast have escalated to 15% in recent weeks. Federal Land Bank money is 12% every place and as high as 13.5% in isolated instances. Farmers Home Administration funds are 12% if they can be found. We borrowed money for our first expansion program of any consequence in 1975. The interest rate was 8.25%.

¹ Route 1, Box 235, Mountville, SC 29370.