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- In her book A Consumer’s Republic: The Politics of Mass Consumption in Postwar America, Lizabeth Cohen reported that by 1945, Americans were saving an average of 21 percent of their personal disposable income, compared to just 3 percent in the 1920s.
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May 14, 2020 · In her book A Consumer’s Republic: The Politics of Mass Consumption in Postwar America, Lizabeth Cohen reported that by 1945, Americans were saving an average of 21 percent of their...
- Sarah Pruitt
- 3 min
Nov 12, 2019 · The official facts seem to fit the story. Defence spending rose from 1.4% of GDP in 1940 to over 37% in 1945 and the federal deficit rose from 3% of GDP in 1939 to 27.5% in 1943. Meanwhile, civilian unemployment rates fell from 9.5% in 1940 to below 2% from 1943 through 1945.
America was the only that saw an expansion of consumer goods despite wartime rationing. BY 1944, as a result of wage increases and overtime pay, real weekly wages before taxes in manufacturing were 50 percent higher than in 1939. The war also created entire new technologies, industries, and associated human skills.
The nation's gross national product rose from about $200,000 million in 1940 to $300,000 million in 1950 and to more than $500,000 million in 1960. At the same time, the jump in post-war births, known as the " baby boom ," increased the number of consumers. More and more Americans joined the middle class.
In 1945 nearly 50 million filed. The withholding system of payroll deductions was another wartime development. The government also borrowed money by selling "war bonds" to the public. With consumer goods in short supply, Americans put much of their money into bonds and savings accounts.
Sep 10, 2012 · By 1947, government spending had dropped 75 percent in real terms, or from 55 percent of GDP to just over 16 percent of GDP. Over roughly the same period, federal tax revenues fell by only around 11 percent. Yet this “destimulation” did not result in a collapse of consumption spending or private investment.
4 days ago · Graph of Federal Spending (in millions of dollars), 1929-1945. When President Franklin D. Roosevelt entered office in 1933, unemployment hovered around 25%. The private sector, including factories and service industries, remained mired in an intractable depression: no one was spending money and no one was hiring.
