The cost of food has increased 600% since 1943, but took another 100% jump from 2019 to 2024.
1943 2019 2024 % Increase
Sugar
7.5 cents per pound $0.12 $0.18 15%
Milk
62 cents per gallon $3.04 $3.99 13%
Coffee
46 cents per pound $1.11 $2.81 253%
Bacon
45 cents per pound $5.61 $6.61 118%
Eggs 21 cents per dozen $1.40
$3.68 263%
Hamburger
30 cents/pound $2.69 $5.80 174%
Bread
10 cents per loaf $2.02 $2.54 126%
Total $2.22 $15.99 $25.61 120%
1943 was the year the US began to win World War II. The US Labor Force employed an additional 8 million women to produce military equipment.
In
1943 the average home price was $3,600
The
average income was $2,041 per year
Average
Rent was $40 per month
The
average price for a new car was $900.
Gasoline
cost was 15 cents/gallon.
A
Movie ticket was 35 cents
A
First-Class postage stamp was 3 cents
Tuition at Harvard was $420 per year.
The US cost of home ownership has increased by 117% since
1943. The cost of a house in the US in
1943 was $3,600. Now the average cost is 420,800. The average interest rate in 1943 moved from
1.875% to 2%. The average interest rate is 7.8% in 2024.
Average Home Ownership Costs
Year House Cost Mortgage
Rates
1943
$3,600
2.0%
1960 $11,900
4.0%
1966
$23,300 4.7%
1983
$75,300
13.0%
2024 $420,800 7.8%
The average interest rate in 1960 was 4%. The average price
of a new house was $11,900.
https://www.ssa.gov/oact/progdata/interestrates1937-99.html
The average 30-year fixed rate reached
an all-time record low of 2.65% in January 2021 before surging to 7.79% in October 2023, according
to Freddie Mac. Nov 22, 2023
Interest rates reached their highest point in modern history in October 1981 when they peaked at 18.63%, according to the Freddie Mac data. Fixed mortgage rates declined from there, but they finished the decade at around 10%.
Comments
In the 1960s, a good
household income was $10,000 per year. By the 1970s, it was $20,000 per year.
By the 1980s it was $40,000 per year. By the 1990s it was $60,000 per year. By
the 2000s it was $100,000 per year.
In the 2020s it was $200,000 per year. If this continues, our grandchildren will need to earn $500,000 per year. The cause of this inflation is US government money printing and overspending. The US National Debt held at $5 trillion until 2009 and is now approaching $35 trillion based on the Climate Change Hoax.
Norb Leahy Dunwoody GA Tea Party Leader
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