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- In dollar value the sum is large—on June 30, 1944 it amounted to about $28,270,000,000 plus $680,000,000 transferred to allied forces by American commanding generals in the field.* But in the proportion of our total defense and war expenses it is relatively small—about 15 percent.
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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.
Aug 5, 2020 · (billions of actual or projected dollars)YearSpending1946$556.9194752.41948103.91949144.21950141.21951224.31952402.11953442.31954420.91955376.91956356.21957$360 ...
YearSpending2009494.32008494.42007527.42006535.9- Christopher J. Tassava
- The Great Depression
- Preparedness and Conversion
- War Administration
- Preparedness Agencies
- War Production Board
- Office of War Mobilization
- Taxation
- War Bonds
- Price Controls and The Standard of Living
For the United States, World War II and the Great Depression constituted the most important economic event of the twentieth century. The war’s effects were varied and far-reaching. The war decisively ended the depression itself. The federal government emerged from the war as a potent economic actor, able to regulate economic activity and to partial...
The global conflict which was labeled World War II emerged from the Great Depression, an upheaval which destabilized governments, economies, and entire nations around the world. In Germany, for instance, the rise of Adolph Hitler and the Nazi party occurred at least partly because Hitler claimed to be able to transform a weakened Germany into a sel...
As war spread throughout Europe and Asia between 1939 and 1941, nowhere was the federal government’s leadership more important than in the realm of “preparedness” — the national project to ready for war by enlarging the military, strengthening certain allies such as Great Britain, and above all converting America’s industrial base to produce armame...
From the beginning of preparedness in 1939 through the peak of war production in 1944, American leaders recognized that the stakes were too high to permit the war economy to grow in an unfettered, laissez-faire manner. American manufacturers, for instance, could not be trusted to stop producing consumer goods and to start producing materiel for the...
To oversee this growth, President Roosevelt created a number of preparedness agencies beginning in 1939, including the Office for Emergency Management and its key sub-organization, the National Defense Advisory Commission; the Office of Production Management; and the Supply Priorities Allocation Board. None of these organizations was particularly s...
In January 1942, as part of another effort to mesh civilian and military needs, President Roosevelt established a new mobilization agency, the War Production Board, and placed it under the direction of Donald Nelson, a former Sears Roebuck executive. Nelson understood immediately that the staggeringly complex problem of administering the war econom...
By late 1942 it was clear that Nelson and the WPB were unable to fully control the growing war economy and especially to wrangle with the Army and Navy over the necessity of continued civilian production. Accordingly, in May 1943 President Roosevelt created the Office of War Mobilization and in July put James Byrne — a trusted advisor, a former U.S...
However, these agencies were often quite successful in achieving their respective, narrower aims. The Department of the Treasury, for instance, was remarkably successful at generating money to pay for the war, including the first general income tax in American history and the famous “war bonds” sold to the public. Beginning in 1940, the government ...
All told, taxes provided about $136.8 billion of the war’s total cost of $304 billion (Kennedy, 625). To cover the other $167.2 billion, the Treasury Department also expanded its bond program, creating the famous “war bonds” hawked by celebrities and purchased in vast numbers and enormous values by Americans. The first war bond was purchased by Pre...
Fiscal and financial matters were also addressed by other federal agencies. For instance, the Office of Price Administration used its “General Maximum Price Regulation” (also known as “General Max”) to attempt to curtail inflation by maintaining prices at their March 1942 levels. In July, the National War Labor Board (NWLB; a successor to a New Dea...
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Jul 6, 2011 · Total U.S. defense spending (in inflation-adjusted dollars) has increased so much over the past decade that it has reached levels not seen since World War II, when the United States had 12...
Feb 4, 2020 · It should be noted that the increase in U.S. military personnel during WWII was massive: from less than 500,000 in 1940 to 12 million in 1945. The figure below plots defense spending per military personnel on active duty from 1929 to 1995.
May 14, 2020 · Gross national product (GNP), which measured all goods and services produced, skyrocketed to $300 billion by 1950, compared to just $200 billion in 1940. By 1960, it had topped $500 billion ...
The European Recovery Program, commonly called the “Marshall Plan,” passed by Congress in 1948 to rebuild Western Europe, would cost more than $12 billion in American taxpayer money. Through the North Atlantic Treaty, approved by Congress in 1949, the United States committed itself to the military defense of Western Europe, even at risk of ...
