Truman's Transition To The Economy In The 1950s

After the Cold War tapered slightly in the 1950s, the American economy struggled to adapt, but remained prosperous as politicians labored to once again convert the wartime economy to a peacetime economy. Because a wartime economy often promoted economic growth, providing excess employment to produce weaponry and other war necessities, the American nation faced a potential economic disaster as the war concluded. As a result, President Truman proposed a process meant to make this transition as successful as possible:

Truman’s program to ensure a smooth transition to a peacetime economy included proposals for unemployment insurance to cover more workers, a higher minimum wage, the construction of massive low-cost public housing projects, regional development projects modeled on the Tennessee Valley

His ambition established a sense of urgency in American citizens and promoted the elimination of extended unemployment periods. The program as a whole, fighting to avoid another Great Depression, remained successful as the American economy continued to flourish throughout the 1950s: “During the late 1940s and throughout the 1950s, the United States enjoyed unprecedented economic growth that created a dazzling array of new consumer products” (Shi and Tindall 965). This economic growth, although came as a shock to surrounding countries, resulted in complete national growth. As citizens of surrounding countries learned about America’s prosperity, immigration rates continued to increase, further expanding the nation and its economy.Ultimately, the Cold War, a massive geopolitical event for the time, promoted a healthy and sustainable economy throughout the 1950s and provided the foundation for a wealthy nation in the