Inflation is defined as an increase in the overall degree of costs for goods and companies in an economic system over a period of time. May 16: President Franklin Roosevelt asks Congress for a $1.2 billion improve in defense spending to mobilize the Army and Navy and procure an extra 50,000 planes a yr. With Italy's entry into the war, President Franklin Roosevelt declares that the United States will provide materials assist to the Allies. Germans storm France, Low Countries: On May 10, 1940, G...