In World War II, government spending for the war

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Government spending for World War II was approximately 40% of GDP, largely financed through government borrowing and the sale of war bonds. Taxes were also raised during the war, but they did not cover the full cost of the war. Additionally, there was no surplus accumulated during the Great Depression to finance the war, as the Depression era was characterized by significant economic distress and budget deficits.

In World War II, Government Spending for the War