Buy custom US Economy during WW2
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| Topic: |
History
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| Number of pages / Number of words: |
4 / 914 |
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One way to see this sharp increase in federal and military spending is to look at the nations GDP at the time. In 1940 the nations GDP was 101.4. Federal spending accounted for 9.34% of that. Of the federal spending, 17.53% of it was spent on defense. By 1945 the GDP had rose to 173.52 and federal spending had become 41...
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Defense spending accounted for 89.49% of the federal spending.
The Department of the Treasury was also very successful in finding ways to fund the war. The income tax was extended to nearly all Americans, and the method of continual withholdings from paychecks was introduced. The number of Americans paying income tax rose from 4 million to 43 million...
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