Word: backed
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Dates: during 1950-1959
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...veterans produced explosions of creative effort," says James F. Mathias, a 79th Division infantryman commissioned on the battlefield in Normandy, who came back to screen Yale's returning G.I.s and now helps screen candidates for the Guggenheim Foundation's annual awards. "The new talents are obvious in the sciences, but they are just as great in painting, music, writing and scholarship." In routine matters, they did still better. Veterans and their wives settled down and became the generation to cut the wartime divorce rate in half, raise the birth rate 26.2% in a decade, demand that schools teach...
...Aided by financing and free education, veterans quickly overtook nonvets their own age in earning power (from 15% behind in 1946 to 19.5% ahead in 1956). G.I. education boosted incomes enough, reckons the VA, to pay back its $14.5 billion cost in extra income taxes by 1970. Vets not only caught up on the old standard of U.S. living but became a mighty force in kicking off the postwar boom in consumer durables by founding the new suburbs, filling them with TV sets, home dryers, cars. Cartoonist Bill (Up Front) Mauldin, like many of his lesser-paid buddies, now treats...
...profit was by no means confined to the poor boy who made good; it also blessed many a well-to-do heir apparent. Among those whom service helped equip for heavy jobs waiting back home: Armour's President William Wood Prince (artillery captain), Ford's Vice President Benson Ford (Air Corps captain), IBM Boss Thomas Watson Jr. (Air Corps pilot). While an aircraft-carrier deck officer in three Pacific battles, Indiana's J. Irwin Miller, 49, gained the confidence it took to build the family owned Cummins Engine Co., Inc. into the largest U.S. maker of truck...
...Outward Sign. Europe's brisk plunge into external convertibility had one important side effect. It spelled the end of a useful eight-year-old system, the European Payments Union. Foreseeing such a day, 17 countries of Western Europe pledged themselves, back in 1955, to settle their foreign-trade accounts through a new organization called the European Monetary Agreement. Unlike E.P.U., it will not automatically extend credits to nations that run a deficit in their inter-European trade. Without the cushion of automatic credits, all Western European nations-and especially France, which ran up a $460 million deficit in E.P.U...
...scenes that flashed across history's screen in 1958 often had the disjointed quality of a surrealist movie. Some were dramatic portents of a world to come ? missiles trailing a fiery glow as they took off for deep space, bearing with them a gadget that, when asked, sent back the recorded voice of the President of the U.S., another that reported wondrously complicated readings on radiation far beyond the atmosphere...