Impact of the Korean War on the economy of the United States

[7] Through such measures, President Truman depended mostly on taxation and a decrease in non-military expenses, rather than from borrowing from the public or money creation policies.

[8] Truman and his Treasury Secretary, John W. Snyder strongly were in favor of the former strategy of pegging government bond prices, but the Federal Reserve saw the need to encourage macroeconomic stability, meaning fighting inflation.

[10] The first nine months of war are characterized by expansion and strong inflationary pressure due to abnormally large consumption in anticipation of possible future shortages.

and in response to all the consumer purchases and in anticipation of war orders, manufacturers also began buying more raw materials.

[3] Increases in taxes and new price and wage controls that constrained private sector consumption and investment affected overall material well-being.

[1] Approximately 34,000 Americans were killed in battle and about another 2,800 died from disease or injury, with total U.S. casualties, which includes dead, wounded, and missing in action, adding up to 139,860.

Bill, including mustering-out pay, financial support for education, home and business loan guarantees, unemployment compensation, and job placement.