Harry S Truman Economic Policy

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Economic Impact With the war coming to an end, Truman needed to reconstruct the nation's financial system towards consumer production and resolve the government's role in the economy. Harry S. Truman did this by changing the legislation and adding the Council of Economic Advisers (CEA) with the Employment Act of 1946. This was the foundation for formulating an efficient economic policy. Prices, particularly food (meat) prices, were high in 1946 but Truman imposed economic reforms which lessened inflation and unemployment rates in 1947 and 1948. Truman suggested a return to price controls and advocated the Fair Deal in 1949. Truman's economic policies sought to balance the federal budget through a combination of high taxes and limited spending; …show more content…

He oversaw the transition of America from its World War II footing to a country that emphasized both consumer and military production. Twelve million soldiers returned to America after the war, looking for jobs, homes, and financial security. Citizens wanted an end to shortages of consumer goods. African Americans, who fought as hard as their white counterparts to win the war, demanded equal rights and protections under the law. Harry S. Truman listed 21 main policy points in his message to Congress on September 6, 1945, including guaranteed employment, housing aid, improved benefits for war veterans, and wage and price controls. Truman protected the New Deal proposed by Roosevelt and pushed for African-American civil rights by desegregating the military, banning discrimination in the civil service, and commissioning a federal report on civil rights. Truman called for new public works programs, legislations guaranteeing "full employment," a higher minimum wage, extension of the Fair Employment Practices Committee (or FEPC, a war-time agency that regulated discrimination against African Americans in government agencies and defense industries), a larger Social Security System, and a national health insurance system. Truman pushed for quick demobilization of the military and the temporary extension of governmental economic controls. This helped civilians at home return to a state of

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