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Recession
This recession lasted only eight months, between February and October. But it was bad with GDP at 11%. This was a natural result of the WWII, as the huge demand for military weapons were no longer needed. -
World War II ended
America experienced great economic growth allowing for more stable lifestyles and larger families to be created, therefore, business also expanded to produce more comsumer goods making the standards of living to increase. -
Period: to
The Post War Era
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The Credit Card is created.
In 1946, American banker John C. Biggins of Brooklyn invented the first bank-issued credit card. Although it was made to make life simpler for people it created a lot of debt for them so the banking systems grew economically. -
The Truman Doctrine.
President Truman approached Congress and asked for $400,000,000 in economic aid for Turkey and Greece. This didn't affect the US economically so businesses and people were not affected but the goverment was they got involved in more than they thought they would. -
The Marshall Plan
The U.S. leaders thought that a strong European economy was needed for American prosperity to continue which would lead to the approval of $12 billion distributed in European countries. The U.S. would gain world markets and access to natural resources which helped American economy. -
The Berlin Airlift
Britain's Air Force and the United States Air Force, flew over 200,000 flights in one year, providing 13,000 tons of supplies like fuel and food to West Berlin. This was non-effective to the economy or to people but to government it was. -
Recession
This 11 month recession began in November 1948 and lasted until October 1949, unemployment reached a peak of 7.9%. GDP fell .5% for the year. -
Korean War creates deficit.
Korean war creates additional government deficits this led to new governmeny debt. The treasury pressures the Fed to maintain a low-interest rate on gov bonds. -
Industry helps economy grow.
Computer industry and electronic industry create another market that boost the US exports. Microwave ovens invented by American inventor Percy Spencer which also increased market. These industries made the lives of Americans easier. -
Recession
• Recession of 1953
Beginning July 1953, this recession lasted 10 months, a result of the end of the Korean War. Unemployment reached its peak of 6.1% two months after the recession ended. GDP was down 6.2% in 1953. -
TV's
The first color televisions go on sale. They increased sales and eased the lives of Americans even more. This also changed the way of businesses and how they market their products. -
McDonalds becomes franchise.
Ray Kroc founds the idea for the McDonald's corporation, agreeing to franchise the idea of Dick and Mac McDonald. He would buy out the McDonald's brothers in 1961. -
Recession
• Recession of 1957
• It was eight months. GDP was - 4.2% in 1957 then immediately grew to 10.4% in 1958. Unemployment reached its peak of 7.1% on September 1958. -
St.Lawrence Seaway
The St. Lawrence Seaway is opened along the Canada and United States borders, allowing increased ship traffic between the Atlantic Ocean and the Great Lakes. -
Recession
Starting in April 1960, the recession lasted 10 months. GDP was -1.9% in Q2 and -5% in Q4. Unemployment reached a peak of 7.1% in May 1961.
