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$6.2 billion
- During the first two and a half years of combat, the United States was a neutral party and the economic boom came primarily from exports. The total value of U.S. exports grew from $2.4 billion in 1913 to $6.2 billion in 1917.
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May 14, 2024 · Prices and Wages by Decade: 1910-1919. Intro. 1700s. 1800s. 1900s. 2000s. Quotable Facts. 1910s Wages ⏷ 1910s Prices ⏷. Wages in the United States, 1910-1919. Manager's and clerk's pay by industry, 1914 and 1919. Managers earned double or more the pay of clerks ( image source) Shows average annual pay.
- 1900S
Tags: 1800s, average income, average salary, average wage,...
- Up Through 1779
The preface provides additional context and explains the...
- 1900S
May 15, 2024 · The U.S. dollar has lost 96% its value since 1917. $100 in 1917 is equivalent in purchasing power to about $2,449.59 today, an increase of $2,349.59 over 107 years. The dollar had an average inflation rate of 3.03% per year between 1917 and today, producing a cumulative price increase of 2,349.59%.
- A War of Production
- America Joins The Fight
- Funding The Fight
- A World Power
- Sources
World War Iwas the first modern mechanized war, requiring vast amounts of resources to equip and provision massive armies and provide them with the tools of combat. The shooting war was dependent on what historians have termed a parallel “war of production” that kept the military machine running. During the first two and a half years of combat, the...
Neutrality came to an end when Congress declared war on Germanyon April 4, 1917, and the United States began a rapid expansion and mobilization of more than 3 million men. Economic historian Hugh Rockoff writes: By the end of 1918, American factories had produced 3.5 million rifles, 20 million artillery rounds, 633 million pounds of smokeless gunpo...
The total cost of America’s 19 months of combat was $32 billion. Economist Hugh Rockoff estimates that 22 percent was raised through taxes on corporate profits and high-income earners, 20 percent was raised through the creation of new money, and 58% was raised through borrowing from the public, mainly through the sale of “Liberty” Bonds. The govern...
The war ended on November 11, 1918, and America’s economic boom quickly faded. Factories began to ramp down production lines in the summer of 1918, leading to job losses and fewer opportunities for returning soldiers. This led to a short recession in 1918–19, followed by a stronger one in 1920–21. In the long term, World War I was a net positive fo...
Federal Reserve Bulletin. p. 952. Oct. 1, 1919, Washington, D.C.Fraser. “War and Postwar Wages, Prices, and Hours, 1914-23 and 1939-44 : Bulletin of the United States Bureau of Labor Statistics, No. 852.” FRASER.Jefferson, Mark. "Our Trade in The Great War.""Geographical Review." American Geographical Society, 1917, New York.- Heather Michon
Value of $1 from 1917 to 2024. $1 in 1917 is equivalent in purchasing power to about $24.50 today, an increase of $23.50 over 107 years. The dollar had an average inflation rate of 3.03% per year between 1917 and today, producing a cumulative price increase of 2,349.59%.
YearDollar ValueInflation Rate2024$24.502.90%*2023$23.804.12%2022$22.868.00%2021$21.174.70%War and Postwar Wages, Prices, and Hours, 1914-23 and 1939-44 : Bulletin of the United States Bureau of Labor Statistics, No. 852. DATE: 1946 AUTHORS:
- Witt Bowden
- 1946
According to a 1917 study, exports of metals, machines, and automobiles rose from $480 million in 1913 to $1.6 billion in 1916; food exports climbed from $190 million to $510 million in that same period. Gunpowder sold for $0.33 a pound in 1914; by 1916, it was up to $0.83 per pound. America Joins the Fight.
The total cost of World War I to the United States (was) approximately $32 billion, or 52 percent of gross national product at the time. Did World War I produce a major economic break from the past in the United States? Did the U.S. economy change in some fundamental and lasting ways as a result of that war?
