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How Successful Was The 50's

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The 1950’s were a great time to be alive, not only because of the improvements in science and technology but also because of the state of the economy. For a majority of the 50’s the economy was great, albeit for not the best reasons. In the early 1950’s, during FDR’s presidency, America was being lead towards a mild recession that officially “started” in 1953. The inflation that caused the recession was produce in part by the end of World War II and the start and end of the Korean War. Another recession hit in 1958. The recession of ’58 hit hard but only lasted for eight months. Some of the factors that cause the recession of ’58 were car sales falling by 31%, rising interest rates on house construction and a decrease in business for the capital goods market. …show more content…

The economy grew by 37%, unemployment was low and the average family had 30% more buying power by the end of the 50’s. There were many factors that prompted such an economic boom such as cheap oil, advances in science and technology and an increase in spending. Another factor was the GI bill in which the government gave funding for the education of veterans as well as for housing and health care costs. An additional influence on the economic boom was Eisenhower’s presidency. Eisenhower was intent on keeping the National debt as small as possible as well as making social reforms. He improved social security by adding another 10 million people, invested in the Interstate Highway system and kept FDR’s New Deal although many wanted to get rid of

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From Statistics provided by the Department of Commerce from the years of 1949 to 1959, a steady increase is seen in the GNP, which shows the nation’s overall wealth (Document G). These numbers suggest the economy booming soon after the war, meaning that even during the recession of 1953 people had money enough and steady jobs to support their lifestyles. This was done during Eisenhower’s Administration, and the statistics show that the tactics he chose to increase the GNP worked, as it went up almost $500 in 10 years. Though the GNP went up, the government also spent much more money than previously, even on things such as the Interstate and Highway System. This system was put in place as a defense mechanism in June 1956, and was widely recognized across the nation as a grand idea to pull the nation back together.

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In the early 1930s the labor force in countries that were industrialized saw as much as one forth of its workers unable to find work. Conditions were starting to improve by the mid 1930s, however total recovery did not happen until the end of that decade. This was a very difficult time in United States history and around the world, but it could be said that something good came out of it, central banks throughout the world now try to thwart or moderate recessions. It is unclear whether a change like this would have occurred if not for the

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