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The Economy Act of 1933, officially titled the Act of March 20, 1933 (ch. 3, Pub. L. 73–2, 48 Stat. 8, enacted March 20, 1933, is an Act of Congress that cut the salaries of federal workers and reduced benefit payments to veterans, moves intended to reduce the federal deficit in the United States.
Civilian factories were converted to military use and placed under military administration. From mid 1943 on, Germany switched to a full war economy overseen by Albert Speer . By late 1944, almost the entire German economy was dedicated to military production.
The act awarded veterans additional pay in various forms, with only limited payments available in the short term. The value of each veteran's "credit" was based on each recipient's service in the United States Armed Forces between April 5, 1917, and July 1, 1919, with $1.00 awarded for each day served in the United States and $1.25 for each day served abroad.
The bonus was due in 1945, but the Great Depression created financial p. ... It involved as many as 30,000 mostly unemployed veterans who converged on Washington, D.C. in the spring and summer of ...
Most economies started to recover by 1933–34. However, in the U.S. and some others the negative economic impact often lasted until the beginning of World War II, when war industries stimulated recovery. [47] There is little agreement on what caused the Great Depression, and the topic has become highly politicized.
The Bonus Army was a group of 43,000 demonstrators – 17,000 veterans of U.S. involvement in World War I, their families, and affiliated groups – who gathered in Washington, D.C., in mid-1932 to demand early cash redemption of their service bonus certificates.
The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes.
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