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Reading 8.4
Economy After 1945
| Term | Definition |
|---|---|
| Harry S. Truman | 33rd President of the United States who attempted to continue Franklin Roosevelt’s New Deal economic policies in the face of growing conservative opposition. |
| Employment Act of 1946 | Congressional law passed under the Truman Administration that created the Council of Economic Advisers. |
| Council of Economic Advisers | Government entity created by the Employment Act of 1946 in order to help the president and Congress on means of promoting national economic welfare. |
| GI Bill (1944) | Congressional law passed to economically support returning WWII veterans that is still in effect today and provides veterans with free education and low interest government back loans. |
| Baby Boom | Name for the large generation born between 1945 and 1960 that profoundly affected the nation’s social institutions and economic life in the last half of the 20th century. |
| Levittown | Project of 17,000 mass-produced, low-priced family homes on Long Island, New York that helped promote the rise of suburbia after WWII, but also banned African American families from moving in. |
| Sun Belt | Southern and Western states which grew rapidly in population after WWII because people were attracted to the warmer climate, lower taxes and economic opportunities in defense-related industries. |
| 22nd Amendment | Amendment ratified in 1951 in response to Franklin Roosevelt being elected president four times that limited a president to a maximum of two full terms in office. |
| Taft-Hartley Act (1947) | Congressional law passed over President Truman’s veto that checked the growing power of unions through provisions such as outlawing the closed shop and permitting “right to work” laws. |
| Closed Shop | Negotiated contract requirement that workers join a union before being hired at the company, which was outlawed by the Taft-Hartley Act in 1947. |
| “Right to Work” Laws | State laws permitted by the Taft-Hartley Act that outlaw the union shop, which is a negotiated contract requirement that workers join a union after being hired at the company. |
| Fair Deal | President Truman’s ambitious domestic reform program that included national health insurance, federal aid to education and civil rights legislation, which was mostly blocked by Congress. |
| Dwight D. Eisenhower | 34th President of the United States who approached his domestic policy as a moderate by reducing government spending while continuing and sometimes expanding New Deal programs. |
| Department of Health, Education, and Welfare (HEW) | New executive branch department created under President Eisenhower in order to consolidate national welfare programs. |
| Soil-Bank Program | Federal government program initiated under President Eisenhower to pay farmers to retire farm land for ten years, which would reduce farm production and thereby increase farm income. |
| Modern Republicanism | Term used by President Eisenhower to describe his balanced and moderate approach to his domestic policy. |
| Highway Act (1956) | Congressional law passed under President Eisenhower, which authorized the construction of 42,000 miles of interstate highways linking all of the nation’s major cities. |
| Interstate Highways | Network of major roads that connect the nation’s major cities that were built under the Eisenhower Administration and positively contributed to the economy, but hurt rail and the environment. |
| John F. Kennedy | 35th President of the United States who promoted his New Frontier domestic policy and navigated several Cold War controversies, but was assassinated near the end of his third year in office. |
| New Frontier | Domestic agenda of President Kennedy that involved federal aid for education, federal support of health care, urban renewal and civil rights, most of which was not passed during his presidency. |
| Trade Expansion Act (1962) | Congressional law passed under the Kennedy Administration that authorized tariff reductions with the new European Economic Community of Western European nations. |
| Lyndon B. Johnson | 36th President of the United States who aggressively promoted many of the domestic programs that Kennedy had failed to get through Congress and went further with his Great Society agenda. |
| Great Society | President Johnson’s ambitious domestic policy that successfully included federal funding for education, created new and expanded social welfare programs, immigration reform and civil rights. |
| Richard Nixon | 37th President of the United States who attempted to curb the growth of the Great Society programs by shifting more of the responsibility to the states through his domestic policy of New Federalism. |
| Revenue Sharing | Policy idea of Congress giving state and local governments federal tax money through block grants to use as they see fit rather than being instructed on how to spend the money by Congress. |
| New Federalism | President Nixon’s domestic policy of limiting the growth of Great Society programs by using revenue sharing to return more government responsibility to the states. |
| Stagflation | Economic condition involving the unusual combination of an economic slowdown (stagnation) and rising prices (inflation), which is extremely difficult to fix and hurt the U.S. economy in the 1970s. |
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