How Successful Was The 50's

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.

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