11-11-11-11
A need for funding began with America's entrance into World War I. America's economy was not ready to supply the needs of the more than 2 million soldiers who would serve in the war overseas. So, to help raise the needed funds, on April 24, 1917, Congress passed the Liberty Loan Act. This act allowed the Government to sell bonds in order to raise money for the war effort.
The Government used many ways to get Americans to buy these bonds. They used rallies featuring mega stars of the day such as Douglas Fairbanks, the George Clooney of that time, and posters to show the valor of American troops saving women and children, as they fought the 'HUNS', as the Germans were then called! The posters were simple, bright, and cheerful so as not to frighten Americans with the horrors of war. The purpose was to get citizens to boldly, and proudly do what they were asked to do. They were asked to support, the brave soldiers fighting a courageous battle. Only a few bold words were use such as calling the Germans, 'HUNS' referring to the Mongols who invaded Europe in c. A.D. 360, and in 1241 they defeated the Germans in Silesia, invaded Poland and Hungary. This, much as the Germans, during WWI and WWII would also invade these same countries. The Government, during WWII, also sold war bonds to help pay for the costs of that war. American school children were also incouraged to help the war effort by recycling scrap metal and rubber, and saving up their change to buy war bonds.
The bond program was successful. Americans spent over $2 billion on Liberty Bonds in June of 1917 alone. However, the sale of the bonds did not raise enough of the money needed to pay for the war. $2 billion a month, even back in 1917, wasn't enough for the cost of war. Congress needed to take further action! The War Revenue Act was passed on October 3, 1917. One part of the act created an income tax to help pay for the war.
People making $1,000 a year were taxed 4 percent of their income. The tax rose with income. The higher the income, the higher the tax paid. Taxes were increased on luxury items, and Postal rates were also raised. These taxes, along with bonds helped pay the more than $20 billion needed for the war, which had begun in Europe in 1914, and ended 19 months after the U.S.A entered on April 6, 1917. The war ended on November 11, 1918 at 11:ooam.
Today, in November, 2011, we are at war. What have we Americans been asked to do to support the war effort, and now, what are the 90-99% able to do? Could, should Americans have been encouraged to buy bonds to fund the war, to support the troups, and to save the economy? Could taxes be increased on the wealthy? Could Congress today, even agree to try such things? When we, Americans, were attacked on 9-11, we were told, encouraged to,
"Go out and shop"!
.
