President Truman upset most of the electoral predictions in 1948 by defeating Thomas Dewey.  His unexpected rise to the presidency gave us seven years that were rather consequential and challenging at the same time.

One of them was the Marshall Plan, announced on this day in 1948:

Under the Marshall Plan, the Economic Cooperation Administration (ECA) distributed $13 billion in aid over four years (1948-51). 

Most of the funds were given in direct grants, and the rest in loans. 

Seventeen nations in western and southern Europe received assistance, including the United Kingdom, Austria, Belgium, the Netherlands, Denmark, France, Sweden, Iceland, Ireland, Greece, Italy, Luxembourg, Norway, Portugal, Switzerland, Turkey and West Germany. 

The plan aided both agricultural and industrial productivity in Europe, and helped rejuvenate ailing industries like chemicals, engineering and steel. Participating countries saw their gross national products go up by 15 to 25 percent.

To say the least, the plan saved Europe.  Most countries were devastated and vulnerable to communist demagoguery.

Truman had many other challenges: the two bombs against Japan that ended the war, economic and military aid to Turkey and Greece, the Berlin airlift (the candy bombers), the creation of NATO to resist Soviet expansion, and the war in Korea that cost over 30,000 U.S. lives.   

By 1952, Truman was so unpopular that he did not seek another term.  He left the presidency with low approval ratings but is regarded as a consequential president by most historians.

P.S. You can listen to my show (Canto Talk) and follow me on Twitter.