In the summer of 1945, as World War II drew to a close, the U.S. economy was poised on the edge of an uncertain future
Millions of men and women entered military service and saw parts of the world they would likely never have seen otherwise. The labor demands of war industries caused millions more Americans to move--largely to the Atlantic, Pacific, and Gulf coasts where most defense plants located. When World War II ended, the United States was in better economic condition than any other country in the world. Even the 300,000 combat deaths suffered by Americans paled in comparison to any other major belligerent.
By the summer of 1945, Americans had been living under wartime rationing policies for more than three years, including limits on such common goods as rubber, sugar, gasoline, fuel oil, coffee, meat, butter, milk and soap. Meanwhile, the U.S. government’s Office of Price Administration (OPA) had encouraged the public to save up their money (ideally by buying war bonds) for a brighter future. In her book A Consumer’s Republic: The Politics of Mass Consumption in Postwar America, Lizabeth Cohen reported that by 1945, Americans were saving an average of 21 percent of their personal disposable income, compared to just 3 percent in the 1920s.
