ECO 202 Final Project.pdf - Macroeconomic Data...

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Macroeconomic Data Report (United States: 1950 1960)David M. MillerECO 202Tracey M. Lauterborn1
ECO 202U.S. Economic History Overview (1950-1960)Baby Boomer generation is in its infancyThe American workforce and family income is changed forever due to World War IIUnemployment and inflation both remain lowStandard of living in the USA steadily increased through the decadeCollege enrollments doubledMajor political measures centered on Communism, Corruption and KoreaUnited States continued domination in the industrialized worldNational Security priorities forced the United States to remain strong militarilyMajor investment in infrastructure (Interstate Road System)President Harry S. TrumanApril 12th, 1945 January 20th, 1953President Dwight D. EisenhowerJanuary 20, 1953 January 20, 1961While the 1950’s was not a major decade of growth for the United States economically, many of the milestones and policies paved the way for prosperity for the future to come. The baby boomer’s generation was in its infancy and on the move. Due to many men of households being away or killed in World War II, women began to work and establish successful careers; keeping those careers post war. From 1950 to 1959, the total number of females employed increased by 18 percent and changed the labor force forever. Because of the additional income, economic growth and emerging technologies, this led to a steady rise in living standards; allowing Americans to purchase items such as homes, cars, recently emerged televisions and appliances. During the 1950s, college enrollments doubled. This is partially due to the creation of the Montgomery GI Bill, which made the cost of higher education feasible and more inexpensive. The rise in living standards sweeping the country was also an enabler to the increase of college or university attendance. The 1950s was the stepping stone to the civil rights movement in the 1960s. Martin Luther King, Jr. led the Montgomery City bus boycott after Rosa Parks refused to sit at the back of a city bus. The Supreme Court ruled for desegregation of public schools in 1957 and President Eisenhower supported the equal rights as he often referenced the service and sacrifice of black 2
Americans during WWII.This era unfortunately came with a nuclear arms race between the United States and The Soviet Union. After the Soviet’s first successful test of an atomic device, Senator Joseph McCarthy began a political revolution known as “McCarthyism”, in which he accused political rivals with disloyalty; spreading across the United States as the anti-communist sentiment built momentum. In 1950, the American policy would become official regarding communism when President Truman signed legislation for worldwide American action against Soviet expansion. In addition, Truman incorporated “Truman Doctrine”, by helping to rebuild European Nations –The Marshall Plan, later to be named after his Secretary of Defense and former Army Chief of Staff, George C. Marshall.

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