what impact did the korean war have on u.s. military spending
Impact of the Korean War on the economy of the United States While military spending in the US was high prior to the Korean War due to ongoing tensions with the Soviet Union, the Korean War further increased it.[15] The Korean War cost the US$30 billion in 1953, which is equivalent to US$341 billion in 2011.[1] During the last year of the war, annual war expenditure comprised about 14.1 percent of GDP.[1] Approximately 34,000 Americans were killed in battle and about another 2,800 died from disease or injury, with total US casualties, which includes dead, wounded, and missing in action, adding up to 139,860.[16] The "Korean War GI Bill" was implemented in 1952, eventually covering veterans between June 27, 1950 and February 1, 1955.[17] It offered the same benefits as the World War II G.I. Bill, including mustering-out pay, financial support for education, home and business loan guarantees, unemployment compensation, and job placement.[17]