Impact of WW2 on the Economy Flashcards
how did WW2 change the role of government
-more controlling eg wages ,price of food
-FDR had little opposition from Congress/ the country so he easily won the 1944 election for a fourth term
what did WW2 become known as and why
the ‘good war’ as the US was united by the war effort and became a military industrial superpower
how many tanks, aircrafts and rifles were produced by the US
86,000 tanks, 296,000 aircrafts and 15 million rifles
how much did farm income increase by after ww2
250%
how many women were employed by the end of ww2
60%
between 1940-45 how many AA moved to cities funding jobs in defence plants compare to how many in ww1
5 million in ww2
300-400,000 ww1
give 4 ways the change to the economy after ww2 impacted the lives of the public
-food prices and rent strictly controlled eg meat sugar and petrol rationed
-production of cars stopped , consumer profits became plainer
-prices and wages rose
-national debt inc
by what percentage did prices and wages rise by during ww2(2)
-prices 28%
-wages 40%
how much national debt was there by 1945 compared to the amount of debt from ww1
$260 billion compared to $33 billion
how much more had the gov spent during ww2 than in the previous 150 years
4x
why was war debt a positive thing
money was still being put into the economy
what were the three main ways t gee US gov paid funded the war
-increased taxes
-1942 Revenue Act
-war bonds
how much were highest earners taxed and what did this do
paid 94% tax which narrowed the wealth gap
when was the Revenue act and what did it do and give a two statistics to show it
1942; inc the number of ppl who paid income tax
-1939 less than 4 million paid tax, in 1945 it was 43 million
-gov income from tax inc to $51 billion
how was money raised through war bonds
Hollywood stars made films to encourage people to contribute to buying war bonds to help war effort
