https://padlet.com/khalleran1096/29h4vuaoq4l00hej How the US economy was changed during the 1950's due to the age of Affluence en-us 2022-05-03 17:22:01 UTC 2025-12-18 03:45:35 UTC hello@padlet.com tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2168774310 In the 1950s,  the economy was high under Eisenhower. Eisenhower had mostly focused on balancing the federal budget.  Many Americans had been exhilarated with joy, considering how it was raised by 4-5 percent. The Americans felt great considering, that at the end of the decade they were able to have 30% more purchase power than at the beginning. The "boom" during the 50s had also helped many small, American businesses whilst the larger ones had also gotten support as well. The business meant more jobs and openings had appeared and the jobs for returning war veterans were broader and easier to acquire. Overall the Economy had been greatly improved and Americans' happiness had started to increase and the cost and market had drastically improved, The 1950s was a great time for the economy, and the people living in it had enjoyed it as well. For prices were great and income was sustainable and jobs were easy to obtain. ]]> 2022-05-03 18:21:03 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2168774310 khalleran1096 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2169857063 During the 1950's world trade was on the uprise. With the end of WWII many nations were in dire need of supplies and goods from developed countries. It was thought that if the US were to reduce the tariffs it would increase the world trade. In a letter from the secretary of state to the president, the Secretary of State believed that lowering the tariffs were not only necessary to increase world trade but necessary to increase relationships with other countries (History.state.gov). This lower in tariffs and Europe in shambles allowed for the US to step up and begin to produce around 50% of the worlds goods (section 41.3). This greatly increased the volume of the US economy by over doubling the gross national product. The US went from producing about 200 million in goods a year to around 500 million a year between 1945 and 1960 (History.com). The 1950 post world war II period was a key role in increasing the US world trade and relations which helped boost the US into an age of affluence. ]]> 2022-05-04 12:56:42 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2169857063 khalleran1096 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2169860305 Packed ports over the west coast due to an increase in world trade.

From portoflosangeles.org ]]> 2022-05-04 12:59:02 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2169860305 mgibbs2022 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170195447 In our society today, the source of income that has boosted the US into an age of affluence from the ´50s all the way to today is taxing, as taxes support the US the most out of all incomes. The total tax collections from individuals, both big and small incomes came out to over 3.5 trillion dollars in 2015. These numbers were not always the case, as the post-WWII taxes were so high in the '50s, that the top marginal individual tax rates stayed near or above 90%, and the effective tax rate at 70% for the highest incomes. These levels helped shoot up the US government's economy as in the 1950s and early 1960s, the top marginal tax rate was over 91%: This caused a golden age for America and a golden age of tax. An example of this is that the federal government took 91 cents of every dollar. These high tax levels would influence a major problem from then until now, Tax evasion. Outraged Americans would try and find ways to weasel out o these immense costs, causing decades of tax avoidance. Tax costs helped boost America into affluence in the ´50s, but that same way of income paved a path for high taxes and a great source of income for the economy up until today, even though some of that was clouded by the introduction of heavy tax evasion.


]]> 2022-05-04 16:12:29 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170195447 mgibbs2022 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170202687 The tax income in 2015 was over 3.5 trillion dollars.

]]> 2022-05-04 16:17:08 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170202687 tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170300845 The GI bill had given the military veterans access to college education, and it was affordable]]> 2022-05-04 17:18:15 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170300845 tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170303729 Consumer spending was at a high, the 30's had created an age of unstable jobs and high unemployment. In fact the 50's had fixed all those problems and helped employ people]]> 2022-05-04 17:20:08 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170303729 tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170311384 2022-05-04 17:25:07 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170311384 mgibbs2022 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170316676 The Taxes Post WWII had people SHOCKED]]> 2022-05-04 17:28:35 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170316676 tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170318989 2022-05-04 17:30:02 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170318989 osall1055 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170360111 The 1950s had a major impact on towns and families. There was a significant decrease in poverty among the American population 10 percent of the American population moved from rural and busy areas to the suburbs. The population as a whole grew by 19 percent in the 50s while the suburban population grew by 47 percent(Gilder Lehrman). This helped boost many sectors of the economy such as the housing industry, automobile industry, and highway construction. The 50s is when many Americans became middle-class citizens. Also, many people started speaking against inequality and injustice. Racial prejudice started to become mainstream for many Americans in the 50s(History).]]> 2022-05-04 17:56:26 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170360111 khalleran1096 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170853235 Someone in 1955 who made $1 million a year paid over $800,000 in taxes]]> 2022-05-05 02:57:43 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170853235 khalleran1096 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170871070 With the age of affluence came great spending and lots of wealth. However, did this spending and wealth lead the US on a trend to spend to much? While the US was bringing in hundreds of millions of dollars in the 1950's other European countries were still left in shambles from WWII. This caused a mass gap in wages from the US compared to Europe. In change now it is thought that the American society spends more on average than European society. In an article from Bloomberg it was stated that, "Americans have to learn to live like Europeans." Due to Covid-19 many Americans have lost their jobs which has resulted in the American government to lend out 4.6 trillion and inflate the US dollar about 8% (World Economic Forum) just to satisfy the American spending needs. Sources like Bloomberg believe that the US could use a break in spending to make the market more healthy and possible prevent another detrimental crash. ]]> 2022-05-05 03:25:26 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2170871070 mgibbs2022 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171301818 2022-05-05 12:06:50 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171301818 mgibbs2022 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171303544 2022-05-05 12:08:10 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171303544 tmehta2103 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171791945 The 1950s economy had helped us shape the current economy. What is arguably one of the best times for our economy? It was nick-named "Baby boom" which it had boosted the economy. Our current economy strives off of this great piece of American history, as it all started with the prices lowering and the currency was losing value and the recession was at hand. This was the beginning and it ended great helping out the economy. The nation had started enjoying these and started the beginning of a stable economy.]]> 2022-05-05 17:14:41 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2171791945 khalleran1096 https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2172996714 Editors, . com. "The 1950s." HISTORY, 17 Apr. 2020, www.history.com/topics/cold-war/1950s.

"History | About | Port of Los Angeles." 6 May. 2022, www.portoflosangeles.org/about/history.

"Inflation continues to climb in US after hitting 40-year high." World Economic Forum, 6 May. 2022, www.weforum.org/agenda/2022/03/inflation-pandemic-covid-united-states.

"Foreign Relations of the United States, 1950, National Security Affairs; Foreign Economic Policy, Volume I - Office of the Historian." 19 Jan. 2022, history.state.gov/historicaldocuments/frus1950v01/d272.

Lee, Joseph. "Demand and Supply in White Collar Unionism." Minnesota Academy of Science. Morris UNM, digitalcommons.morris.umn.edu/cgi/ viewcontent.cgi?article=2562&context=jmas. Accessed 6 May 2022. Originally published in Journal of the Minnesota Academy of Science, vol. 37, no. 2, 1971.]]> 2022-05-06 14:44:43 UTC https://padlet.com/khalleran1096/29h4vuaoq4l00hej/wish/2172996714