APUSH 8.4: Economy after 1945

1950s

era of prosperity and economic growth

1950s

era that has the highest standard of living achieved by any society in history

Harry Truman

president that continued Roosevelt's New Deal

Employment Act of 1946

government commitment to maintaining full employment

Council of Economic Advisors

group that helped advise the president and congress on means of promoting national economic welfare

GI Bill

law passed that helped 2m veterans attend college and 5m attend training

GI Bill

law that increased the racial wealth gap since many African Americans couldn't accept the bill due to the South not having colleges and the banks not wanting to help out Blacks

Baby Boom

when 30 million war babies were born from 1942-1950

Baby Boom

the sign of confidence among young people due to the explosion in marriages and births

Construction Boom

the rapid increase of building homes or other structures due to high demand for housing after the war

Levittown

mass-produced, low-priced family homes on Long Island, NY ONLY FOR WHITES

Sun Belt

southern and western states that offered a warm climate year-round and low tax rates

Rise of the Sunbelt

a warmer climate, lower taxes, economic opportunities in defense-related industries attracted many to states from Florida to California

Harry Truman

president that urged congress to continue the price controls of wartime in order to hold inflation in check

Strikes

occurred since workers and unions wanted wages to catch up after years of wage controls

22nd Amendment

limits the president to two terms or 10 years

Taft-Hartley Act

act that provides balance of power between union and management

Taft-Hartley Act

act that outlaws the closed shop, permits states to pass "right to work" laws, outlaws secondary boycotts, and gives the president an 80-day cooling off period before a strike

Closed Shop

an agreement in which a company agrees to hire only union members

Election of 1948

elecction where truman pulled off a surprise victory over Dewey

Fair Deal

president Truman's program to expand New Deal reforms

Fair Deal

program to enact national health insurance, federal aid to education, civil rights legislation, funds for public housing, and a new farm program

Fair Deal

programs that didn't make it due to Truman's political conflicts with Congress and the pressing foreign policies of the cold war

Dwight D. Eisenhower

"i like ike" -expressed the genuine feelings of the middle-class

Dwight D. Eisenhower

president that pledged to go to korea and end the war; helped him to win

Department of Health and Human Services

gives services for Americans' health and basic needs

Soil-bank program

program reducing farm production, therefore increasing farm income

Modern Republicanism

term that Eisenhower coined his approach to politics- critics called him the "bland leading the bland"

Interstate Highway System

the most permanent physical legacy of the Eisenhower years

Highway Act

the construction of 42,000 miles of interstate highways linking all the nation's major cities

John F. Kennedy

youngest candidate ever elected president

New Frontier

Kennedy's plan, supports civil rights, pushes for a space program, was to cut taxes, and increase spending for defense and military

New Frontier

Kennedy's plan to call for aid to education, federal support of health care, urban renewal, and civil rights

Trade Expansion Act

act authorizing tariff reductions with the new European Economic Community

Lyndon B. Johnson

vice president to kennedy that became president upon kennedy's assassination

Lyndon B. Johnson

president that promoted domestic programs that Kennedy failed to get through to Congress

Lyndon B. Johnson

president advocating for Kennedy's proposal of an income tax and civil rights bill

Richard Nixon

president that tried to slow down the growth of Johnson's Great Society programs by proposing the family assistance plan

Family Assistance Plan

welfare reform proposal providing a guaranteed annual income tax for working Americans

New Federalism

system in which Congress gave local govts $30b in block grants over five years to address local needs

New Federalism

system that was hoped to check the growth of the fed govt by returning responsibility to the states

Stagflation

a period of slow economic growth and high unemployment (stagnation) while prices rise (inflation)

Richard Nixon

president that took the dollar off the gold standard, imposed a 90-day wage and price freeze

Gerald Ford

president that urged to fight inflation by minimizing prices and wage increases

WIN

Whip Inflation Now: Ford's attempt at improving the economy. It failed

Jimmy Carter

president that attempted to check inflation through conserving energy, oil, and reviving the US coal industry