Truman
Affect the American economy.
1944 GI bill – ex-soldiers given 52 weeks unemployment pay, loans for education etc. $200
billion to 7.8 million people.
Reduced army - ‘no boats no votes’. From 12 million to 1 million in 1946, led to short term
unemployment, never rose above 4%. Economic boost + inflation
Industrial production – High demand from soldiers = 25% inflation + congress $6 billion tax
cut.
Federal Housing Agency – wanted to provide houses, couldn’t get money from congress.
Inflation – 25% 1945-6, T. wanted to continue OPA (controlled prices) - congress
disapproved. Price control bill –watered down. End of ‘46, economy stable.
1946 Hospital Survey and Construction Act – financial aid for construction of hospitals.
Benefit construction companies more?
Council of Economic Advisors (CEA) - watch economy + recommend gov. Action.
1946 Employment Act – commitment to max. Employment and productivity.
1946 Railway & Coal strikes – wages not keeping up with inflation, 400,000 miners. T.
wanted to draft strikers into army, congress refused.
1947 Reaction to Taft-Hartley Act – strikers wanted to negotiate wages. T. vetoed act.
1947 Marshall Plan – help Europe recover, stop communism. Captive market for American
goods. $17 billion.
1949 Fair Labour Standard act – increased min wage to 75 cents and hr.
1949 Housing Act – shortage of houses, said 810,000 houses built – only 156,000 built
poorly constructed.
1950 National Science Act – encouraged scientific research.
1952 Steel workers, executive order 10340 – increase of wages due to Korean War, seized
control of mills, challenged seizing in court, T. had to hand back, 7 week strike with
shortages and higher steel prices.
1946 Mid-term elections - ‘do nothing’ congress.
Affect the American economy.
1944 GI bill – ex-soldiers given 52 weeks unemployment pay, loans for education etc. $200
billion to 7.8 million people.
Reduced army - ‘no boats no votes’. From 12 million to 1 million in 1946, led to short term
unemployment, never rose above 4%. Economic boost + inflation
Industrial production – High demand from soldiers = 25% inflation + congress $6 billion tax
cut.
Federal Housing Agency – wanted to provide houses, couldn’t get money from congress.
Inflation – 25% 1945-6, T. wanted to continue OPA (controlled prices) - congress
disapproved. Price control bill –watered down. End of ‘46, economy stable.
1946 Hospital Survey and Construction Act – financial aid for construction of hospitals.
Benefit construction companies more?
Council of Economic Advisors (CEA) - watch economy + recommend gov. Action.
1946 Employment Act – commitment to max. Employment and productivity.
1946 Railway & Coal strikes – wages not keeping up with inflation, 400,000 miners. T.
wanted to draft strikers into army, congress refused.
1947 Reaction to Taft-Hartley Act – strikers wanted to negotiate wages. T. vetoed act.
1947 Marshall Plan – help Europe recover, stop communism. Captive market for American
goods. $17 billion.
1949 Fair Labour Standard act – increased min wage to 75 cents and hr.
1949 Housing Act – shortage of houses, said 810,000 houses built – only 156,000 built
poorly constructed.
1950 National Science Act – encouraged scientific research.
1952 Steel workers, executive order 10340 – increase of wages due to Korean War, seized
control of mills, challenged seizing in court, T. had to hand back, 7 week strike with
shortages and higher steel prices.
1946 Mid-term elections - ‘do nothing’ congress.
