Phat? writes:
quote:... and didn't fully recover until 1954, 25 years later.
RAZD writes:
The economy for the workers recovered sooner than the stock market (which is not a measure of worker economy)
Just to elaborate on this point, between 1946-1952 the *actual* economy (not the DJIA) boomed like no one has seen before or since. This is why:
1. Wartime rationing and constantly shilling of war bonds caused huge amounts of personal saving, since spending opportunities were limited.
2. Returning veterans (some 11 million) also had some limited savings and caused an immediate upsurge in demand for products.
3. Dunning the Europeans for all that money loaned during WW2 kept the nation solvent.
4. The nation was relatively undamaged since the war was almost entirely fought outside of its main territory.
5. Republicans and Democratic centrists had not yet partially destroyed FDR's legacy (they didn't start until 1980 at the latest).
What evidence do I have?
1. Father 1908-1995; Mother 1924-2008. Every adult and nearly every adult relative in my childhood was a WW2 Vet and lived through the Great Depression. I received an earfull growing up.
2. Books.
Edited by anglagard, : Clean up spacing.
Edited by anglagard, : No reason given.
Death is only the end if you assume the story is about you. - Night Vale podcast
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