Prompt Cast
The Surplus Cheese Crisis of 1976
TLDR President Jimmy Carter's decision to raise milk prices in 1976 resulted in a surplus of cheese that the government had to buy and distribute, leading to unintended consequences and highlighting the challenges of balancing social goals with economic realities.
Timestamped Summary
00:00
President Jimmy Carter's decision to raise the price of milk in 1976 led to a disastrous outcome for America's farmers.
02:56
The government's attempt to raise milk prices in 1977 led to the creation of a program where they bought large quantities of cheese, butter, and milk products to manipulate the market.
06:28
The government bought large quantities of cheese to raise milk prices by creating a price floor, leading to the need for cheese graders like Bob to ensure quality standards were met.
09:07
Cheese graders were in high demand as the government bought and stored massive quantities of cheese, including filling caves in Kansas with cheddar cheese, leading to a costly program for taxpayers.
11:55
The government stored massive quantities of cheddar cheese in caves, leading to a surplus that needed to be carefully distributed to avoid disrupting the market.
14:43
Government cheese distribution led to massive crowds lining up for surplus cheese in California, marking its widespread influence in American culture through popular culture references and nostalgia.
17:38
Government spending on surplus cheese as an unintended consequence of Carter's policies highlights the challenge of balancing social goals with economic realities.
