Hollywood helped fund American military activity by boosting bond sales

Rockwell's 'Four Freedoms' raised millions for the US war effort

Rockwell initially pitched the "Four Freedoms" project to the US Ordnance Department, but was rejected. Rockwell's editor at the Saturday Evening Post, however, loved the idea and published the images across four consecutive issues. After they became a sensation, the Saturday Evening Post partnered with the US Department of the Treasury to send the paintings on a 16-date national tour, which raised $133M in war bonds and stamps. Meanwhile, the Office of War Information printed four million sets of the posters with "Buy War Bonds" emblazoned on them.

Disney chipped away at its debt by creating propaganda during World War II

Disney began producing training videos for the Navy and propaganda films for US involvement in World War II, including the shorts "Der Fuehrer's Face," "The Spirit of '43," and "Donald Gets Drafted." The effort provided a much-needed cash injection, allowing Disney to continue producing films.

Comic books were a major part of American propaganda efforts during WWII

See how US comic books, alongside international counterparts, served as powerful wartime propaganda tools from 1941 to 1945—boosting morale, promoting war bonds, and demonizing Axis powers through the use of iconic heroes and patriotic messaging.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

2 months after Pearl Harbor, American libraries launched a drive to collect 10 million books for soldiers

The 1942 Victory Book Campaign—sponsored by the American Library Association, the Red Cross, and the USO—asked the public to donate books to both train and entertain troops. The national campaign exceeded its goal, collecting more than 10.2 million books.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

If the US government paid off its debt, it could disrupt the entire bond market, as Treasury bonds are among the most common bonds for investors and the majority of the national debt is in bonds.

After World War I, consumerism began to usurp frugality as a foundational value in American life and culture.

Hollywood's efficient response to the Spanish flu made it a filmmaking destination

In 1918, the Great Influenza epidemic killed more than 675,000 Americans. Los Angeles was one of the first cities to shut down movie theaters, most of which were independently owned and couldn’t afford the revenue loss. The results were twofold: the quick response meant that Hollywood could bounce back faster than other film hubs, and it also contributed to the rise of vertical integration as studios stepped in to purchase the flailing theaters.

See what it was like to live in the United States during World War II

In America, life was transformed by total war: sixteen million service members left civilian life, while massive industrial production demanded labor. Women, minorities, and teens filled factories, fueling boomtown growth and breaking social barriers. Simultaneously, rationing, recycling drives, Victory Gardens, ration stamps, blackout drills, and war bond campaigns permeated daily routines.

Comic books were used as a form of government propaganda in World War II.

A book series aimed at World War II soldiers helped popularize works like 'The Great Gatsby' and 'Of Mice and Men.'

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

How World War II affects your wallet today

The world's deadliest conflict also impacted social programs extensively, including ways that still affect your money today. World War II is responsible for the practice of employers withholding tax payments and sponsoring health insurance, as well as the norm of providing school lunches for the nation's schoolchildren. Watch this brief video to learn more.

Treasury bonds, notes, and bills are critical vehicles for the federal government to raise money for public expenses and manage the national debt.

How the US entered WWI in 1917

Originally taking a position of neutrality during the course of World War I, the United States of America eventually relented. Entering the war in 1917, support for the British and French had risen and Americans were incensed by Germany's overtures to Mexico and U-boat attacks that sank ships and ended American lives. See how and why the US entered WWI in this article.

What impact did WWI have on the US civil rights movement?

One of the great hypocrisies in American history involve the expectation of African-Americans to defend liberty in several wars while being deprived of it when they returned home to, as this article puts it "disfranchisement, segregation, debt peonage and racial violence." The writer reflects on World War I and how it affected the fight for civil rights in the USA.

Investors collectively owned $28T in US Treasury securities as of 2025.

Cold War soft power helped sell the space race to the American public

The fear of Soviet dominance prompted the US to invest heavily in space, but public support was also crucial. This video shows how marketing, media, and "soft power" framed spaceflight as peaceful, aspirational, and worth the cost—helping sustain the space race at home.

Disney was saved by 'Cinderella,' which brought the company out of debt

Producing war propaganda and training films helped the company towards solvency, but the military content wasn't a cure-all. Disney wasn't in the clear until 1950's "Cinderella," a much-needed hit. The movie's success was largely due to the return of the company's best writers and the work of Mary Blair, a watercolor artist who brought a more whimsical style to the film.

The 1956 Federal-Aid Highway Act spent $25B to build 41,000 miles of freeway

Sold to Congress as a national defense measure, the Interstate Highway Act committed the federal government to covering 90 cents of every dollar spent on a 41,000-mile freeway network, a subsidy that reshaped American cities and supercharged car dependency.

Propaganda became a key weapon in the US–Soviet Cold War

Both superpowers waged a global battle for hearts and minds through propaganda—using film, radio, art and education to promote their values. The US emphasized freedom and prosperity, while the USSR championed socialism and anti-imperialism.

Bills passed during the Civil War shaped postwar America

Despite the war with the South, Congress passed transformative laws like the Homestead Act and the Morrill Land-Grant College Act, which encouraged westward settlement and expanded higher education.

Hollywood, explained

It all began in 1887 when Hollywood was registered as a small town before merging with Los Angeles in 1910. Filmmakers moved west to avoid Thomas Edison’s patent lawsuits, and the sunny California climate provided the perfect setting for year-round production. By the 1910s, studios like Paramount and Warner Bros. established themselves, and Hollywood's global dominance was cemented during its golden age from the 1930s to the 1950s.

Before Pearl Harbor, the US was a nonbelligerent ally to the Allied powers

Between September 1940 and December 7, 1941, the United States remained officially neutral—yet President Roosevelt incrementally shifted policy from “cash‑and‑carry” to Lend‑Lease, funneling critical military aid to Britain and other allies without entering the war.

Track how much the US government has spent on bailouts.

World War I brought attention to US reliance on mineral imports

Domestic stockpiles were inadequate for the extended trade disruptions caused by the four-year war. In response, the US Geological Survey increased its geological mapping to help search for important metals alongside new oil fields for fuel.

Women's role in society expanded during the war

With millions of men at war, women managed farms and businesses, served as nurses, and organized aid efforts—broadening women's participation in public life and laying the groundwork for future suffrage movements.

Should the US have entered into World War I?

America entered World War I in 1917, but had remained neutral until that point. President Woodrow Wilson addressed Congress, further underlining the USA's neutrality. Eleven weeks later, he asked for a declaration of war. With attacks by German saboteurs on an American munitions depot, it seemed he had no choice. But did he? This article asks what might have happened if the US stayed out of WWI.

There are three main ways to start investing in the bond market

Invest in the boind market through a brokerage, mutual fund or ETF, or the US government. Each has different steps and terms to follow, from starting rates to opening specific accounts. Some bonds are relatively easy to purchase, but the process differs depending on the type of bond you want.

Hollywood's 'golden age' was controlled by vertically integrated studios

Hollywood in the early to mid-20th century was largely controlled by the "Big Five" studios: Paramount, Warner Bros., Fox, MGM, and RKO. The studios were vertically integrated, overseeing every aspect of film production, distribution, and exhibition. During this era, actors like Cary Grant and Judy Garland were under contract with specific studios—typically for seven years. Garland signed with MGM at age 13, which counted on them to draw audiences.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

Over a century ago, fewer than 1% of Americans paid income taxes—but the cost of World War II prompted the federal government to greatly expand the number of people required to pay income taxes.

Historically, borrowing money from other people to purchase property was common until private financing companies—primarily building and loan associations—stepped in to offer mortgages to buyers.

Riveting artwork from the battlefields during World War I

During World War I, the United States government commissioned eight artists to accompany American Expeditionary Forces to Europe to sketch and document what they saw. Drawing tanks, soldiers, shattered villages, and even German prisoners of war, the artists preserved much of the war as a matter of historical record and to rally support back home.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

To avoid a total collapse of the housing market, the US government took control of the two leading mortgage companies, Fannie Mae and Freddie Mac.

Gambling and lotteries funded America's early expansion, funding infrastructure and capital projects.

For everyday Americans, a relatively high national debt can lead to higher interest rates on financial products such as mortgages.

The first federal student loan program began in 1958

As the Cold War heated up, federal officials recognized the need to provide financial aid to students pursuing degrees in areas critical to national security, like science, math, and engineering. These programs evolved to broadly support the general population, both increasing access to college while acting as a driver of increased costs. This six-part series takes a deep dive into the history of federal student aid.

World War II helped convince food companies to produce more processed foods

Processed foods had existed since the 19th century, but they began infiltrating the mainstream during World War II, with foods designed to last on the battlefield for days. After the war, food companies saw great potential in the relatively cheap foods aimed at busy households. (Some readers may experience a paywall.)

In the 1930s, Congress nearly passed a constitutional amendment requiring a national vote before declaring war

The Ludlow Amendment, proposed amid rising isolationism after World War I, would have required a national referendum before Congress could declare war, except in cases of direct attack. It was defeated 209 to 188 in 1938 after Roosevelt lobbied against it.

Free speech has often been restricted in wartime, potentially unconstitutionally

From the Sedition Act of 1798 to the prosecution of anti-war activists during World War I, the US government repeatedly curtailed speech and dissent during wartime—actions widely criticized and, in some cases, later deemed unconstitutional.

Local governments borrow money for long-term projects by issuing municipal bonds

When a city needs to build a school, a road, or a water treatment plant, it usually issues a municipal bond—borrowing money from investors to be paid back over time. The market for these bonds now exceeds $4T.

The attacks prompted a quick jump in American public support for war

In a Gallup poll taken days after the attack, an extraordinary 97% of Americans approved Congress declaring war on Japan—reflecting overwhelming national unity in the wake of the strike.

How much did WWII cost?

Though it lasted fewer than four years, World War II was the most expensive war in United States history, according to this infographic. Read through it to see how much WWII cost and learn about the consequences of financing such an expensive conflict.

What are baby bonds?

In 2008, Hillary Clinton proposed giving every US newborn a $5,000 government-funded trust, often called a “baby bond,” to help low-income families build long-term wealth. Supporters said it could reduce wealth inequality, while critics argued existing programs like the Child Tax Credit offered similar benefits.

Key moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemic.

Throughout most of the 1800s, US currency was backed by silver and gold

In post-Civil War America, the government moved to use only the gold standard. This was how US currency was backed for decades in the US. You can read a comprehensive explainer on the gold standard and its history in the US to learn more.

Student loans weren't always so prevalent—decades of rising tuition and the 1965 Higher Education Act contributed to their proliferation.