America Gets Ready For War!. FDR and the US after Pearl Harbor: “Dr. New Deal Becomes Dr. Win the War”. Pearl Harbor gives FDR new powers. War Powers Act (December, 1941) FDR is given complete authority Supreme Court justice James F. Byrnes chosen to head the Office of War Mobilization (OWM)
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FDR and the US after Pearl Harbor: “Dr. New Deal Becomes Dr. Win the War”
War Powers Act (December, 1941)
Established in Jan. 1942
1. Allocate scarce materials to industry
2. Require companies to produce war supplies instead of civilian goods
3. Make war profitable for corporations
no prosecutions for anti-trust violations
The U.S. spends $250 million a day on the war!
Federal budget grows:
War bond sales:
$40 billion sold to small investors, $80 billion to companies and the wealthy
Revenue Act of 1942: payroll deduction system created; top tax rate raised to 94% in 1944 (today, the highest is 35% if you make over $373,650)