Who controlled prices during the war
the govt. office of price administration (OPA)
when did the OPA shut down
1946
What happened after the OPA shut down
farmers and business wanted to exploit consumer demand, prices jumped 25% in 2 weeks
what did Truman pass in 1946
1946 employment act
what did the 1946 employment act do
set up a council of economic advisors to help president manage the economy
it also said the president had to give a strategy report to a joint economic committee of the house of representatives and senate after each federal budget
what was the government careful to do
keep low taxes
what did increase in credit buying mean
inflation didn’t damp down spending in 1950s
what did the fed put controls on and why
the money supply to keep inflation low
what is Money supply
the amount of money in circulation in a country (can be effected by the govt. printing more money.
