1952 PROMISES to be an eventful year. There will continue to be threats of another world war and the United States will continue to spend prodigious amounts in building up the armed forces. Taxes will be the highest we have ever known, the national debt will expand still more despite the fact that nearly 10c of every tax dollar now goes to merely pay interest on what we already owe. There will be lots of money in circulation despite high taxes. Tax money will go out faster than it comes in and will be poured into wages and commodities.
ECONOMISTS generally are in agreement that there is more inflation ahead, are agreed that employment will be at an all-time high. Despite the slowdown in retail trade and some price slashes in department stores, predictions generally adhere to continuation of boom times, firm prices, active demand for everything from food to machinery. But there are few people in business who see any need for price controls unless there is full scale war.
A TAX REVOLT SEEMS POSSIBLE because of reports of special privileges, waste and lack of morality in high places in government. Excessively high taxes are causing concern among people in every walk of life, from the wage earner to the share holders in corporations. People in both political parties agree, however, that high taxes and heavy spending on the armed forces will continue no matter what administration is in power at the close of the present year.
A GOOD DEAL OF ATTENTION has been paid to prices paid for range bulls during the past year and good bulls at $1,000 and up have become common at both public and private treaty. Cattlemen don’t pay four figure prices for range bulls because they want to, any more than they want to pay 35 and 40c a pound for weaner calves. It is a matter of supply and demand. Good range cattle operators are frank to say that, based upon prices of yearling and 2-year-old steers, they can better afford to pay $1,000 and up for range bulls than they could pay $300 and $400 a few years ago, when they got much less for their calves and fat steers. Good operators know that high quality bulls not only sire calves that bring premium prices; even more important, they sire heifers that add to the earning power of the cow herd as replacements.
THE YEAR AHEAD will bring its problems but it will bring its rewards to those who practice good planning and intelligent management. We have the largest cattle population on record but we also have the greatest human population and the greatest buying power in all history though some softening in cattle prices may be expected. None of us should forget that huge government spending cannot go on forever. 1952 may be a good time to trim down cow herds, realize cash and take advantage of tax benefits. — Nelson R. Crow
