Question

After World War II, what did Congress do to help the nation transition from a wartime economy to a peacetime economy?

Answer 1

Reestablished controls on prices, wages, and rents.

In 1946, a joint resolution of Congress extended the price controls enacted during World War II for an extra year past their initially planned end date, in order to help as the country transitioned to a peacetime economy. The government wanted to get away from price controls, but didn't want to do so too abruptly. The joint resolution (passed in July, 1946), included this statement: "It is hereby declared to be the policy of the Congress that the Office of Price Administration, and other agencies of the Government, shall use their price, subsidy, and other powers to promote the earliest practicable balance between production and the demand therefor of commodities under their control, and that the general control of prices and the use of subsidy powers shall, subject to other specific provisions of this Act, be terminated as rapidly as possible consistent with the policies and purposes set forth in this section and in no event later than June 30, 1947, and on that date the Office of Price Administration shall be abolished. "

So there was a temporary extension of the price control measures, reestablished or extended by the joint resolution of Congress.

Answer 2

In order to transform the nation from a wartime economy, which mainly involves rationing and producing weapons, to a peacetime economy, the Congress had established a regular economy in order to re-align the nation's financial assets for its future.