History - America - Truman
Category: Other
Updated: 13 Nov 2017
History - America - Chapter 3
13th May 2017
Contributors
Created byRobbie Palmer
Attachments
Events
The Bretton Woods Conference
Representatives of 44 allied nations met to discuss monetary future.
The INTERNATIONAL MONETARY FUND (IMF) was formed as well as the World Bank.
It obliged countries to tie their currency to the US dollar, and the US promised financial help when required.Demobilisation of Troops
Truman took the decision to demobilise 9,000,000 troops, but he left an army of 3,000,000.
It prompted some short term unemployment, due to many more people searching for jobs.Further Demobilisation
Truman decided to further reduce the size of the military, to 1.5 million.
Caused another short rise in unemployment.Price Control Bill
Truman suggested a Price Control Bill, in
response to the inflation. Failed to get it through congressCouncil of Economic
Advisers (CEA)
Suggested by
Truman to advise
the government.
It got approval.Employment Act
Committed the country to maximum employment.
Approved.
Encouraged by the ideas of John Maynard Keynes.GI Bill
Helped ex-military people.
-Interest-free home loans
-Free university tuition
-2.4 million went to university
-No interest business loans
-Benifited white soldiers most
Overall $20 billion was spent on it.Truman Re-elected
Surprise win, as Republican Dewey was favourite.
Truman campaigned tirelessly, whereas Dewey did very little.Greatly Improved Economy
Almost a 90% increase on output compared to 1939.
Employment had also risen by over 2 million, along with average income by 40%.Truman Doesn't Win
Truman's lack of popularity
prompted him not to stand for
this election.5% Unemployment
Unemployment had risen to over 5% by 1950,
causing increased pressure on minority groups
and non-working women.Strikes
There were many industry strikes (rail,
road and industry), to which Truman
was very hard-lined. When threatened
to be drafted, the unions and
workers backed down, but Truman
had lost a large number of his supporters.The Fair Deal
Truman's 21-point program for an improved economic and social America.
-Aid to education
-Tax cuts for low-income earners and an increase in public housing
-Abolition of poll taxes
-Anti-lynching laws
-Establishment of a new department of welfare
-National Health Insurance
Never properly implemented, as there was not the fierce economic neccessity of before.McCarthyism
Joseph McCarthy claimed to have a list of 205
Communist Party members in the US State department.
Tapped into the public fear of Communism.
He was supported by a Republican who wanted
to get the Democrats out of power.Periods
25% Inflation
This was caused by an increased number of consumers (because of the
demobilisation).
Contributed to the Democrat's loss in the 1946 mid-term congressional
elections.Baby Boom
Created a huge new market for goods and services. Led to a housing boom
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