02-09 Domestic Policy and Politics in the Late 1940s

02-09 Domestic Policy and Politics in the Late 1940s -...

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Domestic Policy and Politics in the Late 1940s 9 February 2006 International Front Truman’s policy grew much support for the most part Americans shifted to a Cold War frame of mind Domestic front Americans not satisfied Rapid Economic growth Factory workers had high wages (lots of overtime pay), unable to spend money b/c of  rationing Saved money in savings accounts and war bonds Once peace arrives, money used to purchase lots of consumer goods Ex. cars, houses, appliances, etc. Continuous prosperity from 1945-1950 Danger of inflation – too much demand, not enough supply Late 1945 – Truman asks congress to extend OPA for another year or two to help come  off price  controls gradually Congress not satisfied Corporate leaders argue that the controls are un-American – can’t have them during peace  time Danger of great economic growth February 1946 – President’s Counsel of Economic Advisors Initial CEA Purpose – to help President gain control over powerful economic engine that the economy  had become Had in mind – use the tools that had been supplied by John Maynard Keynes (Keynesian  Theory)
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