The Veterans' Bonus enacted January 1936 disbursed 9 year marketable U.S. bonds with a 3 % annual interest rate to 3 million World War I veterans when bank savings accounts paid 2.5 %. The average bonus per veteran exceeded 30 % of the mean household income for the veterans' age bracket. The June 1936 Federal deficit set a peacetime record of nearly 1 % of gross national product. In 2 weeks that June veterans cashed in 46 % of the total bonus paid out. The economic recovery in 1936 was more than 2.5 times greater than in the 2 preceding years. The June 1947 redemptions 45 % of the 1936 amount had less effect.