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• W134210427 abstract "ONE OF THE BEST and most enduring pieces of legislation that emerged from World War II has been the Servicemen's Readjustment Act of 1944, better known as the GI Bill. Signed into law on 22 June 1944, the Bill has profoundly affected American society in the nearly 60 years that it has been in effect. Over 21 million veterans have received educational benefits and more than 14 million have purchased homes with the Bill's home-loan guarantee program. (1) In spite of the Bill's widespread acceptance, many believe it has outlived its usefulness. In 1945, the Bill was the largest source of funding for education and training. Today, there are hundreds of scholarships, grants, work-study programs, and government loans to help finance students' educational needs. Still, the Bill's educational benefits are a major inducement for enlistments. However, too many service members leave the military at the end of their initial enlistment to take advantage of the benefits. Valuable training and readiness, in dollars and personnel, are lost. As early as 1942, attention was given to what effect returning servicemen would have on America's economy. Massive unemployment and economic depression, exceeding the levels of the Great Depression of 1929, were expected to follow the end of the war. (2) The economic expansion that ended the Great Depression was stimulated by large increases in government expenditures, specifically, the defense-related expenditures of World War II. New Deal expenditures during the 1930s were too low to have any real effect on the economy. Postwar economic expectations were not optimistic. With government spending reduced to peacetime levels, the economy was expected to shrink and return the country to a depression. The addition of millions of servicemen to the labor force was expected to generate unprecedented levels of unemployment, and memories of the Bonus Marchers of 1932--veterans of World War I who demonstrated for their promised compensation--were still vivid memories. (3) Some mechanism was needed to ease the transition from complete wartime mobilization to a peacetime economy. Policymakers failed to foresee a major source of spending that should have mollified their fears. Wartime rationing had generated latent customer demand and created high levels of household savings. The return to a peacetime economy would unleash this demand, sparking an unprecedented economic expansion. In the 5 years following the war, consumer spending increased over 10 percent per year. (4) The Bill, which offered servicemen an opportunity for education and training, kept the returning servicemen from entering the labor force in mass. In 1945, the Veterans Administration paid up to $500 per year for tuition, and $50 per month for living expenses for veterans who served at least 90 days and had not received dishonorable discharges. Over 50 percent of eligible veterans took advantage of this opportunity. (5) In 1947, returning veterans accounted for 49 percent of the students attending college. (6) Educational benefits increased over time, which also increased living costs and tuition rates. Korean war and Vietnam war veterans' benefits increased with inflation. Nearly 44 percent of Korean war veterans and 67 percent of Vietnam war veterans participated in the Bill. (7) Mission Changes The transition to an all-volunteer force in 1973 brought change to the U.S. military manning structure. The shift to an all-volunteer force also marked a change in the purpose and philosophy of the Bill's benefits. The original benefits were a tribute and thanks for disrupting a civilian's life for several years. (8) Justification for the Bill's home-loan guarantee came about because veterans, serving their country overseas, had not been able to establish acceptable credit histories. Also, soldiers were paid considerably less than market wages, and their service was mandatory. …" @default.
• W134210427 created "2016-06-24" @default.
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• W134210427 date "2004-07-01" @default.
• W134210427 modified "2023-09-24" @default.
• W134210427 title "Recruiting Bonus, Retention Onus: The GI Bill" @default.
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