US Inflation Since 1943 6-11-24

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