The veterans' bonus of 1936
The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S bonds with a 3 percent annual interest rate to 3 million World War I veterans when bank savings accounts paid 2.5 percent. The average bonus per person exceeded 30 percent of the mean household income for the veter...
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| Published in | Journal of post Keynesian economics Vol. 26; no. 2; pp. 227 - 244 |
|---|---|
| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Abingdon
Routledge
01.12.2003
M. E. Sharpe M.E. Sharpe, Inc Taylor & Francis Ltd |
| Series | Journal of Post Keynesian Economics |
| Subjects | |
| Online Access | Get full text |
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| Abstract | The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S bonds with a 3 percent annual interest rate to 3 million World War I veterans when bank savings accounts paid 2.5 percent. The average bonus per person exceeded 30 percent of the mean household income for the veterans' age bracket. The June 1936 Federal deficit set a peacetime record of nearly one percent of annual gross national product. In two weeks that June, veterans cashed in 46 percent of their total bonus. The economic recovery in 1936 was more than 2.5 times greater than in the preceding two years. The June 1937 redemptions, 45 percent of the 1936 amount, had less effect. |
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| AbstractList | The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S bonds with a 3 percent annual interest rate to 3 million World War I veterans when bank savings accounts paid 2.5 percent. The average bonus per person exceeded 30 percent of the mean household income for the veterans' age bracket. The June 1936 Federal deficit set a peacetime record of nearly one percent of annual gross national product. In two weeks that June, veterans cashed in 46 percent of their total bonus. The economic recovery in 1936 was more than 2.5 times greater than in the preceding two years. The June 1937 redemptions, 45 percent of the 1936 amount, had less effect. The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S. bonds with a 3 percent annual interest rate to 2 million World War I veterans when bank savings accounts paid 2.5 percent. The average bonus per person exceeded 30 percent of the mean household income for the veterans' age bracket. The June 1936 Federal deficit set a peacetime record of nearly one percent of annual gross national product. In two weeks that June, veterans cashed in 46 percent of their total bonus. The economic recovery in 1936 was more than 2.5 times greater than the preceding two years. The June 1937 redemptions, 45 percent of the 1936 amount, had less effect. [PUBLICATION ABSTRACT] |
| Author | TELSER, LESTER G. |
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| Copyright | Copyright Taylor & Francis Group, LLC 2003 Copyright 2004 M. E. Sharpe, Inc. Copyright M. E. Sharpe Inc. Winter 2003-2004 |
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| Snippet | The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S bonds with a 3 percent annual interest rate to 3 million World War I veterans... The Veterans' Bonus, enacted January 1936, disbursed nine-year nonmarketable U.S. bonds with a 3 percent annual interest rate to 2 million World War I veterans... |
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| SubjectTerms | Budget deficits Cash Economic history Economic theory Federal budget deficit Federal Reserve Bank Fertilizers Fiscal policy focused fiscal stimulus GNP Great Depression Gross National Product Interest rates Keynesianism Post Keynesian economics Studies Treasury bonds Veterans World wars |
| Title | The veterans' bonus of 1936 |
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