What was the GI Bill and what impact did it have on the economy?

The GI Bill was a law that provided benefits to World War II veterans where it established hospitals, providing financial assistance for the veterans attending college, and made the mortgages low-interest. They also received $4 billion from unemployment compensation program and offered insured loan until 1962. As a result, a more educated and highly workforce was cultivated after the war that led to increased production and boost to the economy.