The Postwar Boom and 1950s American Society

  • Servicemen's Readjustment Act (GI Bill):
    • Passed in 19441944 to assist returning veterans.
    • Provided tuition payments for education.
    • Offered one year of unemployment benefits.
    • Provided low-interest, federally guaranteed loans for housing.
  • Housing Crisis:
    • Developers William Levitt and Henry Kaiser used assembly-line methods to mass-produce homes.
    • Suburban residential areas emerged, notably Levittown on New York's Long Island.
    • Homes in Levittown sold for less than 7,0007,000.
  • Redefining the Family:
    • Postwar tensions and changing gender roles influenced family dynamics.
    • Approximately 88 million women entered the workforce during the war.
    • By 19501950, the divorce rate exceeded 11 million.
  • Postwar Contraction:
    • Government canceled war contracts worth 3535 billion.
    • Over 11 million defense workers laid off within ten days of Japan's surrender.
    • Unemployment peaked in March 19461946 at nearly 33 million.
  • Inflation:
    • End of price controls by the Office of Price Administration on June 3030, 19461946 resulted in a 25% increase in consumer product costs within two weeks.
  • The Recovery:
    • Economists' concerns regarding a potential depression were alleviated by 135135 billion dollars in pent-up savings from war bonds and service pay.
    • This led to a significant increase in demand for consumer goods, including automobiles and homes.