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The table above outline the approximate expenditures of various world nations during World War II. The U.S.A. spent the most on the war, just over 340 billion dollars. All together, this table, which includes more than 15 countries and its allies, totals 1,301.316 billion dollars.
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- It Was America's Costliest War Ever
- The War Was Good For Wall St.
- Taxes Were Raised to All-Time Highs
- Soldier Pay Soared After Pearl Harbor
- The Us Military Budget Grew 30 Times Bigger
- Metals Shortages Hit The Mint ...
- And The Oscars
- The President's Pay Was Worth Less and Less
- Inflation Was Worse Than Today
- Inflation Was Even Worse Elsewhere
America's final bill for the fighting in the Pacific and Europe was massive. Adjusting for inflation, World War II cost over $4.1 trillion, according to 2010 figures from the Congressional Research Service. That's roughly equal to the value of Apple and Amazon combined. How does that compare to the cost of modern wars? A Pentagon report says the U....
The Japanese attack on Pearl Harbor on Dec. 7, 1941, prolonged a Wall Street funk that had begun with the notorious stock market crash of 1929. The Dow Jones industrial average went into a downward spiral, and by late April 1942 it was at its lowest level since 1934. But then things began to turn around. Investor's Business Daily speculatesinvestor...
To help finance the war, U.S. income taxes were raised to the highest levels in history. For 1944 and 1945, income amounts above $200,000 — about $3.3 million in today's dollars — were taxed at an astounding marginal tax rate of 94%! After the war, that top rate was brought down to 91%. Today, the top marginal income tax rate is 37%. It had been 39...
Heading into World War II, the military was not a career choice that paid well. Before the Pearl Harbor attack in late 1941, privates earned $21 per month. In today's money, that works out to a salary of about $5,000 a year. But in September 1942, the pay rate for a private more than doubled, to $50 a month. Because the U.S. was still emerging from...
U.S. military spending surged over the course of the war. The annual defense budget rose from $1.9 billion in 1940 to $59.8 billion by 1945, according to Mitchell Bard in The Complete Idiot's Guide to World War II. In 1943, the U.S. spent more than one and a half times on defense than Germany did, and more than 10 timeswhat Japan was spending.
The U.S. military needed lots of metal, to build tanks, planes, ships, guns and even tins for soldiers' food rations. Metals shortages prompted people on the homefront to collect old pots, pans, cans and various scrap metal for recycling. As copper became scarce, the U.S. Mint made its 1943 Lincoln pennies out of steel coated with zinc. They're the...
Academy Award statuettes are typically bronze, with 24-karat gold plating. But with metals in short supply during World War II, Oscars were made of mere painted plaster for three years. Stars who got "plastered" on Oscar night in the mid-1940s included James Cagney, who won Best Actor for Yankee Doodle Dandy, and Ingrid Bergman, named Best Actress ...
The U.S. president's salary remained steady before and after the war, at $75,000. That had been the pay rate for the nation's chief executive since 1909. Amid World War II inflation, the presidential salary lost a lot of financial ground. By 1947, the buying power of that $75,000 a year was down by more than a third compared to 1940. Harry Truman w...
Back in 1942, in the months after Pearl Harbor, defense spending drove up demand and caused inflation to surgeat an annual rate of nearly 13%. The government responded by putting some price controls into place. Then, when the controls were lifted following the war in 1946, inflation made a big comeback. From March 1946 until March of the following ...
America's postwar inflation was nothing compared to Hungary's hyperinflation — some of the worst the world has ever seen. From August 1945 through July 1946, the Hungarian pengő lost value at a dizzying pace as prices rose as fast as 207% per day. Costs in Hungary doubled every 15 hours. What sent prices into the stratosphere? Hungary — which had b...
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The money cost to governments involved has been estimated at more than $1,000,000,000,000 but this figure cannot represent the human misery, deprivation, and suffering, the dislocation of peoples and of economic life, or the sheer physical destruction of property that the war involved.
During December 1942 lend-lease exports totaled 607 million dollars—as much as was sent in the nine months of operation in 1941. As American troops took up battle stations abroad, our allies began to provide reverse lend-lease aid to them—that is, without payment by us.
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By the end of the war US factories had produced 300,000 planes, [2] [3] and by 1944 had produced two-thirds of the Allied military equipment used in the war [citation needed] — bringing military forces into play in North and South America, the Caribbean, the Atlantic, Western Europe and the Pacific.
Rundell, Walter (1961). "Currency Control by the United States Army in World War II: Foundation for Failure". Pacific Historical Review. 30 (4): 381–399. doi:10.2307/3636424. JSTOR 3636424. External links. Allied Military Currency Archived 2012-06-30 at the Wayback Machine - reenactment website
The Cost of Victory. As fighting came to an end in 1945, people the world over faced for the first time the unprecedented extent of destruction and loss of life caused by World War II. As the costs of victory came into devastating focus, the diplomatic responses, rising global tensions between the United States and the Soviet Union, and social ...
