ECO 202 Final.pptx - Macroeconomics of the 1950u2019s...

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ECO 202 Macroeconomics of the 1950’s Cassandra Gordon ECO 202 Ginny P
ECO 202 1950-1960 U.S. Economic History Overview 1949-1953:Harry S. Truman was president 1950: Korean War begins, a historic turning point In the 1950’s, the United States economy grew by 37%. Unemployment was as low at 2.7% 1950’s: GI Bill was used 1951: Television was a big part of families and th e first colored television series was The World Is Yours! 1952: Immigration and Nationality Act. 1953-1961: Dwight D. Eisenhower was president 1959: The average yearly income rose from 3,210 to 5,010 1957: Civil Rights Act
ECO 202 GDP 1950-1959
ECO 202 GDP 1950-1959 Debt Consumer America Using credit card extensively Purchasing beyond means including; televisions, cars, houses, and appliances GI Bill Veterans educated employees The growth of Suburbia Television A T.V. in every home Advertising become a part of American culture
ECO 202 Unemployment
ECO 202 Inflation
ECO 202 Economic Events and the Unemployment Level Building across American was in earnest especially steel and iron The Dow thrived 1955: Rosa Parks
ECO 202 Interest Rates
ECO 202 Foreign Trade: Imports and Exports Exports 1950-1959 Imports 1950-1959
ECO 202 Foreign Trade: Models
ECO 202 Fiscal Policy 1950-1960 Military spending for the Korean War Class tax became a citizen tax Slow growth of the GNP
ECO 202 Fiscal Policy Actions The New Deal Expanded Social Security Federal Highway Act of 1956 Gas taxes Tax Policy
ECO 202 Fiscal Policy Impact GI Bill Highway Act Stable economy Price controls Social welfare
ECO 202 Monetary Policy The Federal Reserve handles monetary policy and controls this by: Stabilizing the price level Maintaining high employment level Promoting economic growth Ensuring financial market stability The Fed executes the above functions using two tools: Controlling money supply Controlling interest rate 1951 Accord
ECO 202 Monetary Policy Actions The monetary policies of the 1950’s decreased poverty due to increased production and money supply.

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