Economic Growth and Prosperity in the U.S.

Categories: Wealth And Poverty

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A New American Dream Prompt: The decade of the sass is often considered a period of economic affluence. Discuss economic growth and prosperity in the United States during this decade and the changes that resulted from that prosperity. Include in your discussion the era's population, growth, wealth, suburban living and consumerism. Also include a discussion of those who did not share the prosperity in the sass. The sass was a time of great economic prosperity for the United States. The U.

S experienced a boom in economic trade due to wartime programs.

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Consumers were ore than ready to spend some of their savings, and if they didn't have a lot of savings, they were Just as eager to use their consumer credit. With the war and depression over, they were also happy to start families. Congress passed the GIG bill to assist veterans. Also standards of living had risen. However, not everyone shared this new prosperity. In 1944, Congress passed the Serviceman's Readjustment Act, also known as the GIG bill.

The bill greatly benefited returning veterans.

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It provided insurance and loans to help servicemen get back on their feet, start small businesses and purchase homes. The GIG bill also gave veterans funds to enroll in college and potentially leave their blue-collar Jobs. Americans also enjoyed new benefits for their labor. In the sass many employers granted their workers luxuries such as paid vacations, health insurance, and retirement pensions. In 1948 cost-of-living adjustments were negotiated and passed.

This allowed workers' wages to keep up with inflation.

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Blue-collar workers could now live more comfortably. The gap between the working class and middle class had decreased. While other parts of the world were struggling to rebuild after World War II, the Unites States' standard of living had seen to higher than it had ever been, By the end of the sass , the average middle class American family had 30% more purchasing power than at the start of inflation. More families than ever owned televisions and cars.

During the depression, Americans could barely afford the basic things they needed. They took advantage of this time of prosperity, resulting in a rise in consumerism. They spent money on all of the discretionary things they wanted during the war but were rationed out. During the depression, many Americans could barely provide for themselves, let alone children. Many couples put marriage and kids on hold. However, after the war, due to returning of veterans ready to start families and the improving economy, the U.

S population grew almost by 40 million. This baby boom also fueled the economy. Families had to buy more clothes, diapers, and more. Some even bought new homes. Unfortunately, this economic prosperity did not touch all Americans. About one fifth of the nation lived in poverty. Many farmers were put out of business by large corporations. Also middle class Americans moved to the suburbs, ultimately leaving the deteriorated urban areas behind. These areas were mostly populated by Backs, Hispanic Americans, Native Americans and the noninsured elderly .

These individuals faced overcrowding, discrimination, and even violence. They often struggled to find work. In conclusion, the sass were overall a time of great prosperity for the United States. The GIG bill and international trade during the war greatly improved the economy. The standard of living had risen to a point higher than it had ever been. Also the population significantly increased. However, not all Americans were affected by the improvement of the economy. About one fifth of the population still lived in poverty.