As World War II came to an end, the United States entered the 50s. This decade became a major influential time that brought many cultural and societal changes. Categories such as the economy, where a boom in new products increased, the technology world which incorporated new medicines and computers, entertainment when the television became popular and the overall lifestyles that Americans adapted to. All of these topics reshaped and created several advancements throughout society during the 1950s. The economy was a category that experienced a significant growth in the 50’s.
During his lead, the American economy went from a GDP growth of -0.3% in 1980 to 4.1% in 1988, averaging 7.91% annual growth in current dollars (William K. Niskanen). Under Reagan many jobs were created, leading to an increased GDP. November 1982, when Reagan’s economic policies began to take effect, to November 1989, shortly after he left office, 18.7 million new jobs were created; a record for a comparable period at that time (Independence Hall). Another positive effect of jobs was money for families. Reagan also simplified the tax code by reducing the number of tax brackets to four and slashing a number of tax breaks (William K. Niskanen).
Clinton had signed the Omnibus Budget Reconciliation Act, cutting taxes for millions of low-income families. He had also cut tax for almost 100% of small businesses and raised the tax on the wealthiest taxpayers. Many of the ideas Bill Clinton had accomplished were small, yet somewhat affective. Clinton had also passed welfare reform for providing health coverage for millions of children. This also helped in aiding the poor and
Federal spending increased from $9.4 billion in 1939 to $95.2 billion in 1945, and the gross national product more than doubled in that time. Massive wartime spending ended the Great Depression. In the 1930s most economists believed that the economy would fix itself if the government did not interfere. English economist John Maynard Keynes, on the other hand, argued that deficit spending - government spending of borrowed money - should be used to get a depressed economy moving again. Deficit spending during World War II instantly turned the economy around.
Under the Farmers' Relief Act of 1933, the government paid compensation to farmers who reduced their production, resulting in a price rise. As a result, the average income of farmers nearly doubled by the late 1930’s. Overall, without the New Deal in act, farmers would’ve been forced into poverty way longer than it did. Another reason the New Deal was mildly effective was because it reduced unemployment. The Public Works Administration (PWA) gave jobs to the unemployed in things like heavy construction to give big cities a ‘face lift’ and building more schools, hospitals, churches, etc., which also opened opportunities for jobs like teachers and nurses.
This could cost the United States over 7 million jobs. The relationship between unemployment and minimum wage can best be seen in American Somoa. Here they are required to have a starting wage of $20. After two years of its implication unemployment rate went from 5% to nearly 36% (Sherk). This shows how minimum wage greatly affects employers, and employees alike, because it causes businesses
The Great Depression was the worst depression in the United States history, as a result of unemployment, hundreds of thousands of American workers were forced to live on the streets or in makeshift shacks. The election of Franklin D. Roosevelt in 1932 brought a sense of hope to American citizens because he had a plan to lead the United States out of the catastrophic depression which was called the “New Deal”. The New Deal was divided into short term goals and long term goals. The short term goals were to relief and to recover immediately. The long term goals were to ensure permanent recovery and rectify the abuses of that time period.
The Combined Theory of Poverty believes that women, minorities, and people of color are disproportionately impacted by poverty because of societal factors. It is impossible to view our society in any light without recognizing this important fact. Gentrification, wage discrepancies, the lack of access to job training, and stigmas surrounding minorities, women, and people of color are some of the mine reasons why these groups face poverty the most. While the structural theory of poverty helps to influence this view of poverty, it does not explain how minorities, people of color, or women are able to succeed at all in life. Those who did succeed likely did it through sheer willpower and determination.
Poverty: Is there an Answer Since the begininning of time poverty has always been a problem all over the world. Poverty is the lack As time evolved poverty has been given a negative stereotype, and it gradually increases every year. Poverty is a act of living by low income and limited access to financial aid and economic resources. There are many reasons as to why there is poverty such as teen pregnancy, low demond of employer, & not enough jobs for people to work. Also it deals with where you fall on the poverty line.
Five days later some 16 million were traded the stock market had crashed. These actions led to people being fired, wages fell. The Great Depression that hit the United States was the first successful attempt. The Great Depression had an effect on many families financially. The government decided to step in and that’s when welfare really started, the social security act in 1935 which was amended in 1938.
New Deal used Government as an agent and started to intervene in the economic institution in order to recover from the failure. Roosevelt New Deal plan also helped businesses to recover from the Depression loss. Shlaes mentioned in 1934, “Business has recovered half its depression loss, only 30 percent of the Depression unemployed has been put to work” (Shlaes 262). Also, to help recovery from the Great Depression, the New Deal offered social insurance; “Social Security seemed a gift on a scale most American would never have expected a president to be able to offer” (Shlaes 255). The Great depression impacted the Americana government in a way that the government had to change, reform and became more cautious of economic situations.
Illinois went experience a large degree of modernization following the World War II. Several areas in which these changes can be seen are in the efforts to assimilate war veterans back into mainstream society, the changing manufacturing business, suburban emigration of city dwellers, the modernizing education system, and continually increasing racial tension. The postwar years brought prosperity to Illinois and provided the population with many positive benefits and financial gain. However, while industries, state programs, and individual gain increased, the population experienced an increase in racial tensions. The prosperity Illinois experience made it an industrial and agricultural force during the middle of the century.
Likewise, other agencies insured bank deposits, managed the stock market, supported mortgages, and provided assistance to the unemployed. Substantially, much had improved due to FDR’s efforts. The economy had improved by 1936. The gross national product was up to 34 percent and unemployment had dropped from 25 percent to 14 percent. Unfortunately, FDR’s criticism had continued for increasing government spending and unbalanced budgets.
At the end of 1973, the unemployment rate was 4.8 percent. It spiked to 8.9 percent in middle of 1975. To help with the high unemployed and inflated economy, President Ford proposed a tax cut of approximately 16 billion dollars and wanted Congress to halt government spending. Congress did pass a tax cut of over 20 billion dollars, but increased spending on