As always, my contributions are my own. I include other people's work here for the sake of completeness and to provide a second method of access to the material for the TSP history segment.
* Brown vs. the Board of Education of Topeka, Kansas -- Contributed by Alex Shrugged.
* The US supports all democracies! Except when it doesn't. -- Contributed by Southpaw Ben.
* Notable Births -- See below.
* This Year in Film -- See below.
* This Year in Music -- See below.
* In Other News -- See below.
Brown vs. the Board of Education of Topeka, KansasContributed by Alex Shrugged
This landmark decision of the Supreme Court overturns (sort of) the 1896 [Plessy vs. Ferguson] decision that allowed "separate but equal" segregation of white and black people. In the current case, Mr. Brown wants his daughter to attend a school near their home rather than bus his child to a black school. Several parents join the suit against the school district and attorney Thurgood Marshall brings their case before the Supreme Court. (He will later become a Supreme Court justice himself.) Luckily, the attorney representing the school district is so condescending and obnoxious that Marshall suggests that to rule against his clients is to affirm that "somehow Negroes are inferior to all other human beings." That is a reference to the recent eugenics war otherwise known as World War 2 where people were separated by race and murdered. While the Supreme Court rules that "separate but equal" must be dismantled, the Jim Crow laws are actually thousands of local laws, so they suggest using "all deliberate speed" which means that the Jim Crow laws should be removed as quickly as possible but without too much disruption. This is a recipe for doing nothing at all. Nevertheless, this is a vital step toward destroying the Jim Crow system.      
The US supports all democracies! Except when it doesn't.Contributed by Southpaw Ben
In 1950 Guatemala had it's second democratic election for President. During this election, Jacobo Árbenz beat his predecessor Juan José Arévalo. In a move intended to set a precedent to encourage future peaceful transfers of power, Arévalo did not contest the election and peacefully transferred power to Árbenz. One of Árbenz's biggest promises while on campaign was his agrarian reform bill, which would expropriate uncultivated land from large land owners to their laborers. This was the justification used by the CIA as to why this democratically elected government had to be deposed, as this clearly meant that Árbenz was a communist with ties to Moscow. Despite this, when the CIA looked for documentation proving this tie after the coup, not enough was found to convince even author's writing under CIA backing in the future. The coup started with an invasion of 480 men trained and armed by the CIA on June 18th, 1954. Backed with the support of a large amount of psychological warfare, using such tactics as having a radio station broadcasting anti-Árbenz propaganda under the guise of being legitimate news, and the bombing of Guatemala City. By June 27th the coup was successful and Árbenz resigned from office, eventually being replaced by the US-backed dictator General Miguel Ydígoras Fuentes, and causing years of bloody civil war.
- And in Entertainment...
This Year in Film
- Godzilla: Premieres in Japan. Raymond Burr will be edited into the movie by 1955. 
- Rear Window: An Alfred Hitchcock thriller starring Jimmy Stewart. (Still worth watching--alexshrugged) 
- Disney's 20,000 Leagues Under the Sea: Starring James Mason. 
This Year in Music
- Mr. Sandman: The Chordettes and theme music for "Back to the Future". 
- Secret Love: Doris Day in the movie Calamity Jane. 
- (Life Could Be a Dream) Sh-Boom: The Crew-Cuts. 
In Other News
- Roger Bannister breaks the 4-minute mile. They said it was impossible, but once Bannister did it, it happened more often. 
- J.R.R. Tolkien publishes The Lord of the Rings: It will appear in three volumes over the course of a year. (Fabulous work--alexshrugged) 
- The TV Dinner is served as an inflight meal: The array of compartments are arranged in the shape of a TV. (You would have to see an old TV to understand how.)