The two elements that considerably boosted the economy of America following the Second World War were the formulation of the GI Bill and the Marshall Plan for healing nations. Following the Second World War, the Truman cabinet announced the Servicemen's Readjustment Act, likewise recognized as the GI Bill, through which veterans were presented with low-cost mortgages to buy a home, or commence a job. They also had the possibility of free university education. The Marshall Plan helped the economy of the United States because the European countries and Japan, in exchange purchased machinery from the United States.