The authors, professors at Cornell University, reexamine one of the most popular government programs of the 20th century, the GI Bill. As the authors make clear in their detailed analysis of its legislative history and its major impact on the postwar generation, the GI Bill was an important tool in creating postwar prosperity, enabling millions of veterans to attend college, finish vocational training, obtain VA loans for homes and businesses, and receive unemployment payments.
With World War II ending, President Franklin Delano Roosevelt was concerned about the potentially damaging economic impact of 15.7 million veterans returning home, looking for scarce jobs and scarcer housing. The GI Bill was intended to ease the re-integration of these veterans into civilian life, at first by offering them regular readjustment payments until they could find a job. Anti-New Deal conservatives like Mississippi Congressman John Rankin worried that these payments might create a freeloader mentality for veterans. But as Glenn C. Altschuler and Stuart M. Blumin show, only about half of returning veterans received even a single unemployment payment.