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Why Prices Rise During Wartime Financial Strain
Wartime inflation grows from more money chasing fewer goods as production shifts to planes tanks and ships. Government spending swells national income while civilian supplies shrink, creating an inflationary gap of about 20 billion dollars in 1943 and prompting tax hikes saving and war bonds as controls. The article quotes Morgenthau defining excess spending as buying any needed-for-now commodity when supplies are limited.
MENTIONED IN THIS ARTICLE
New England
Pearl Harbor
Secretary of the Treasury
Morgenthau