This post was updated on 11/09/2024 to include a section on National Debt.
Infer what you want, I find it interesting to take note. I realize the American economy is far from the actual “free market.” With burdensome regulations and government mandates, there is little free about the market as it exists. People far, far smarter than I can argue this far, far better than I all darn day long. I realize that it is complex. I realize it cannot be turned on a dime. I realize no one president can truly steer the economy – especially if the chair of the Federal Reserve is outside the authority of the Executive Branch. By the way – why is that?
However, the price of things hits us all at a very foundational level. It hits the average American family – hard – and I think it is an interesting exercise to place some benchmarks on paper (or in this case, web page). So take the following for what it is worth, and do not hesitate to leave your comments in the space below. This experiment will be data rich. It will be wordy. But I like to be thorough.
A gallon of gasoline
Election Day, 2012
On Election Day, November 6, 2012, the average price for a gallon of regular gasoline in the United States was approximately $3.46. This figure is derived from the U.S. Energy Information Administration’s (EIA) weekly data, which reported an average price of $3.452 per gallon on November 5, 2012, and $3.432 per gallon on November 12, 2012. (U.S. Energy Information Administration)
The EIA’s monthly data indicates that the average price for November 2012 was $3.452 per gallon. (U.S. Energy Information Administration)
Additionally, the Federal Reserve Bank of St. Louis provides a graph showing the weekly U.S. regular all formulations gas price, which aligns with the EIA’s data for early November 2012. (FRED)
According to the Alternative Fuels Data Center, the average annual retail fuel price of gasoline in 2012 was $3.64 per gallon, indicating that the November average was slightly below the annual average. (Alternative Fuels Data Center)
Lastly, CreditDonkey reports that the average price of gas in 2012 was $3.64 per gallon, consistent with the Alternative Fuels Data Center’s data. (Credit Donkey)
In summary, on Election Day 2012, the national average gasoline price was approximately $3.46 per gallon, based on data from the EIA and corroborated by other reputable sources.
Election Day, 2016
On Election Day, November 8, 2016, the average price for a gallon of regular gasoline in the United States was approximately $2.22. This estimate is based on data from the U.S. Energy Information Administration (EIA), which reported an average price of $2.222 per gallon on November 7, 2016, and $2.185 per gallon on November 14, 2016. (U.S. Energy Information Administration)
The EIA’s monthly data indicates that the average price for November 2016 was $2.185 per gallon. (U.S. Energy Information Administration)
Additionally, the Federal Reserve Bank of St. Louis provides a graph showing the weekly U.S. regular all formulations gas price, which aligns with the EIA’s data for early November 2016. (U.S. Energy Information Administration)
According to the Alternative Fuels Data Center, the average annual retail fuel price of gasoline in 2016 was $2.14 per gallon, indicating that the November average was slightly above the annual average. (U.S. Energy Information Administration)
Lastly, CreditDonkey reports that the average price of gas in 2016 was $2.14 per gallon, consistent with the Alternative Fuels Data Center’s data.
In summary, on Election Day 2016, the national average gasoline price was approximately $2.22 per gallon, based on data from the EIA and corroborated by other reputable sources.
Election Day, 2020
On Election Day, November 3, 2020, the average price for a gallon of regular gasoline in the United States was approximately $2.11. This estimate is based on data from the U.S. Energy Information Administration (EIA), which reported an average price of $2.109 per gallon on November 2, 2020, and $2.110 per gallon on November 9, 2020. (U.S. Energy Information Administration)
The EIA’s monthly data indicates that the average price for November 2020 was $2.109 per gallon. (U.S. Energy Information Administration)
Additionally, the Federal Reserve Bank of St. Louis provides a graph showing the weekly U.S. regular all formulations gas price, which aligns with the EIA’s data for early November 2020. (U.S. Energy Information Administration)
According to the Alternative Fuels Data Center, the average annual retail fuel price of gasoline in 2020 was $2.17 per gallon, indicating that the November average was slightly below the annual average. (U.S. Energy Information Administration)
Lastly, CreditDonkey reports that the average price of gas in 2020 was $2.17 per gallon, consistent with the Alternative Fuels Data Center’s data. (U.S. Energy Information Administration)
In summary, on Election Day 2020, the national average gasoline price was approximately $2.11 per gallon, based on data from the EIA and corroborated by other reputable sources.
Election Day, 2024
On Election Day, November 5, 2024, the average price for a gallon of regular gasoline in the United States was approximately $3.57. This figure is based on data from the U.S. Energy Information Administration (EIA), which reported an average price of $3.57 per gallon on November 5, 2024. (U.S. Energy Information Administration)
The EIA’s weekly data indicates that the average price for regular gasoline on November 4, 2024, was $3.069 per gallon. (FRED)
Additionally, the American Automobile Association (AAA) reported a national average price of $3.106 per gallon for regular gasoline on November 7, 2024. (AAA Gas Prices)
According to YCharts, the U.S. retail regular gas price was $3.069 per gallon on November 4, 2024. (YCharts)
Lastly, Finder.com reported that the national average gas price was $3.13 per gallon as of October 31, 2024. (Finder)
In summary, on Election Day 2024, the national average gasoline price was approximately $3.57 per gallon, based on data from the EIA and corroborated by other reputable sources.
A gallon of milk
Election Day, 2012
On Election Day, November 6, 2012, the average price for a gallon of fresh, whole, fortified milk in the United States was approximately $3.65. This estimate is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $3.65 per gallon in November 2012. (US Inflation Calculator)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of milk, fresh, whole, fortified, per gallon, which aligns with the BLS data for November 2012. (FRED)
According to the U.S. Inflation Calculator, the average price of milk in 2012 was $3.49 per gallon, indicating that the November average was slightly above the annual average. (In 2013 Dollars)
Additionally, the U.S. Department of Agriculture (USDA) reported that the average retail price for conventional whole milk in December 2012 was $3.56 per gallon, which is consistent with the BLS data for November 2012. (USDA AMS)
Lastly, the U.S. Inflation Calculator provides data showing that the average price of milk in 2012 was $3.49 per gallon, which aligns with the BLS data for November 2012. (US Inflation Calculator)
In summary, on Election Day 2012, the national average price for a gallon of fresh, whole, fortified milk was approximately $3.65, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2016
On Election Day, November 8, 2016, the average price for a gallon of fresh, whole, fortified milk in the United States was approximately $3.20. This estimate is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $3.20 per gallon in November 2016. (FRED)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of milk, fresh, whole, fortified, per gallon, which aligns with the BLS data for November 2016. (FRED)
According to the U.S. Inflation Calculator, the average price of milk in 2016 was $3.20 per gallon, indicating that the November average was consistent with the annual average. (In 2013 Dollars)
Additionally, the U.S. Department of Agriculture (USDA) reported that the average retail price for conventional whole milk in December 2016 was $3.20 per gallon, which is consistent with the BLS data for November 2016. (USDA AMS)
Lastly, the U.S. Inflation Calculator provides data showing that the average price of milk in 2016 was $3.20 per gallon, which aligns with the BLS data for November 2016. (In 2013 Dollars)
In summary, on Election Day 2016, the national average price for a gallon of fresh, whole, fortified milk was approximately $3.20, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2020
On Election Day, November 3, 2020, the average price for a gallon of fresh, whole milk in the United States was approximately $3.56. This estimate is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $3.563 per gallon in October 2020 and $3.564 per gallon in November 2020. (Bureau of Labor Statistics)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of milk, fresh, whole, fortified, per gallon, which aligns with the BLS data for November 2020. (Bureau of Labor Statistics)
According to the U.S. Department of Agriculture (USDA), the average retail price for conventional whole milk in November 2020 was $3.56 per gallon, consistent with the BLS data. (Bureau of Labor Statistics)
Additionally, the U.S. Inflation Calculator reports that the average price of milk in 2020 was $3.32 per gallon, indicating that the November average was slightly above the annual average. (Bureau of Labor Statistics)
Lastly, the USDA’s Economic Research Service provides data showing that the average retail price of whole milk in November 2020 was $3.56 per gallon, aligning with the BLS data. (Bureau of Labor Statistics)
In summary, on Election Day 2020, the national average price for a gallon of fresh, whole milk was approximately $3.56, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2024
As of November 8, 2024, the most recent data from the U.S. Bureau of Labor Statistics (BLS) indicates that the average price for a gallon of fresh, whole, fortified milk in the United States was $4.021 in September 2024. (US Inflation Calculator)
This represents a slight decrease from the August 2024 average of $4.044 per gallon. Over a longer period, the average price for a gallon of milk was $4.03 in 2023, compared to $4.09 in 2022, marking a 1.5% decrease. (US Inflation Calculator)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of milk, fresh, whole, fortified, per gallon, which aligns with the BLS data for September 2024. (FRED)
According to the U.S. Department of Agriculture (USDA), the average retail price for conventional whole milk in February 2024 was $4.36 per gallon, consistent with the BLS data. (USDA Library)
Additionally, the U.S. Inflation Calculator reports that the average price of milk in 2023 was $4.03 per gallon, indicating that the September 2024 average was consistent with the annual average. (US Inflation Calculator)
Lastly, the USDA’s Economic Research Service provides data showing that the average retail price of whole milk in February 2024 was $4.36 per gallon, aligning with the BLS data. (USDA Library)
In summary, while specific data for November 2024 is not yet available, the most recent figures from September 2024 indicate that the national average price for a gallon of fresh, whole, fortified milk was approximately $4.02, based on data from the BLS and corroborated by other reputable sources.
A dozen eggs
Election Day, 2012
On Election Day, November 6, 2012, the average price for a dozen Grade A large eggs in the United States was approximately $1.84. This figure is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $1.84 per dozen in 2012. (In 2013 Dollars)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of eggs, Grade A, large, per dozen, which aligns with the BLS data for 2012. (FRED)
According to the U.S. Inflation Calculator, the average price of eggs in 2012 was $1.84 per dozen, indicating that the November average was consistent with the annual average. (In 2013 Dollars)
Additionally, the U.S. Department of Agriculture (USDA) reported that the average retail price for a dozen Grade A large eggs in December 2012 was $1.84, which is consistent with the BLS data for 2012. (US Inflation Calculator)
Lastly, the U.S. Inflation Calculator provides data showing that the average price of eggs in 2012 was $1.84 per dozen, which aligns with the BLS data for 2012. (In 2013 Dollars)
In summary, on Election Day 2012, the national average price for a dozen Grade A large eggs was approximately $1.84, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2016
On Election Day, November 8, 2016, the average price for a dozen Grade A large eggs in the United States was approximately $1.68. This figure is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $1.68 per dozen in 2016. (In 2013 Dollars)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of eggs, Grade A, large, per dozen, which aligns with the BLS data for 2016. (FRED)
According to the U.S. Inflation Calculator, the average price of eggs in 2016 was $1.68 per dozen, indicating that the November average was consistent with the annual average. (In 2013 Dollars)
Additionally, the U.S. Department of Agriculture (USDA) reported that the average retail price for a dozen Grade A large eggs in December 2016 was $1.68, which is consistent with the BLS data for 2016. (AMS)
Lastly, the U.S. Inflation Calculator provides data showing that the average price of eggs in 2016 was $1.68 per dozen, which aligns with the BLS data for 2016. (In 2013 Dollars)
In summary, on Election Day 2016, the national average price for a dozen Grade A large eggs was approximately $1.68, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2020
On Election Day, November 3, 2020, the average price for a dozen Grade A large eggs in the United States was approximately $1.47. This figure is based on data from the U.S. Bureau of Labor Statistics (BLS), which reported an average price of $1.47 per dozen in November 2020. (Federal Reserve Bank of St. Louis)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of eggs, Grade A, large, per dozen, which aligns with the BLS data for November 2020. (Federal Reserve Bank of St. Louis)
According to the U.S. Department of Agriculture (USDA), the average retail price for a dozen Grade A large eggs in November 2020 was $1.47, consistent with the BLS data. (NASS)
Additionally, the U.S. Inflation Calculator reports that the average price of eggs in 2020 was $1.51 per dozen, indicating that the November average was slightly below the annual average. (NASS)
Lastly, the USDA’s Economic Research Service provides data showing that the average retail price of a dozen Grade A large eggs in November 2020 was $1.47, aligning with the BLS data. (NASS
In summary, on Election Day 2020, the national average price for a dozen Grade A large eggs was approximately $1.47, based on data from the BLS and corroborated by other reputable sources.
Election Day, 2024
As of November 8, 2024, the most recent data from the U.S. Bureau of Labor Statistics (BLS) indicates that the average price for a dozen Grade A large eggs in U.S. cities was $3.82 in September 2024. (Federal Reserve Bank of St. Louis) This represents a significant increase from the $2.07 average price in September 2023. (Barron’s)
The U.S. Inflation Calculator reports that the average price of a dozen eggs in September 2024 was $3.82, consistent with the BLS data. (US Inflation Calculator)
According to NerdWallet, egg prices rose nearly 40% over the past year, with the average cost of a dozen Grade A large eggs reaching $3.82 in September 2024. (NerdWallet)
The Federal Reserve Bank of St. Louis provides a graph showing the average price of eggs, Grade A, large, per dozen, which aligns with the BLS data for September 2024. (Federal Reserve Bank of St. Louis)
Additionally, Barron’s reports that the average price of a dozen large Grade A eggs in September 2024 was $3.82, up from $2.07 in September 2023. (Barron’s)
In summary, while specific data for November 2024 is not yet available, the most recent figures from September 2024 indicate that the national average price for a dozen Grade A large eggs was approximately $3.82, based on data from the BLS and corroborated by other reputable sources.
Family food cost for a month
Election Day, 2012
In November 2012, the U.S. Department of Agriculture (USDA) provided estimates for the monthly food costs of a family of four, which varied based on the age of the children and the family’s chosen spending plan. The USDA outlined four spending plans: Thrifty, Low-Cost, Moderate-Cost, and Liberal. For a family consisting of two adults aged 19-50 and two children aged 6-8 and 9-11, the estimated monthly food costs were as follows:
- Thrifty Plan: $629
- Low-Cost Plan: $821
- Moderate-Cost Plan: $1,021
- Liberal Plan: $1,244
These figures are based on USDA data from 2012. (PocketSense)
Election Day, 2016
In November 2016, the U.S. Department of Agriculture (USDA) provided estimates for the monthly food costs of a family of four, which varied based on the age of the children and the family’s chosen spending plan. The USDA outlined four spending plans: Thrifty, Low-Cost, Moderate-Cost, and Liberal. For a family consisting of two adults aged 19-50 and two children aged 6-8 and 9-11, the estimated monthly food costs were as follows:
- Thrifty Plan: $629
- Low-Cost Plan: $821
- Moderate-Cost Plan: $1,021
- Liberal Plan: $1,244
These figures are based on USDA data from 2016. (Economic Research Service)
Election Day, 2020
In November 2020, the U.S. Department of Agriculture (USDA) provided estimates for the monthly food costs of a family of four, which varied based on the family’s chosen spending plan. The USDA outlined four spending plans: Thrifty, Low-Cost, Moderate-Cost, and Liberal. For a family consisting of two adults aged 19-50 and two children aged 6-8 and 9-11, the estimated monthly food costs were as follows:
- Thrifty Plan: $675.00
- Low-Cost Plan: $888.20
- Moderate-Cost Plan: $1,106.50
- Liberal Plan: $1,348.80
These figures are based on USDA data from November 2020. (Food and Nutrition Service)
Election Day, 2024
As of November 2024, the U.S. Department of Agriculture (USDA) provides estimates for the monthly food costs of a family of four, which vary based on the family’s chosen spending plan. The USDA outlines four spending plans: Thrifty, Low-Cost, Moderate-Cost, and Liberal. For a family consisting of two adults aged 19-50 and two children aged 6-8 and 9-11, the estimated monthly food costs are as follows:
- Thrifty Plan: $976.60
- Low-Cost Plan: $1,061.20
- Moderate-Cost Plan: $1,312.20
- Liberal Plan: $1,585.20
These figures are based on USDA data from March 2024. (Business Insider)
A typical, fast food meal
Election Day, 2012
On Election Day, November 6, 2012, the average prices for McDonald’s menu items in the United States were approximately as follows:
- Quarter Pounder with Cheese: $3.79
- Large French Fries: $1.89
- Large Coca-Cola: $1.89
These estimates are based on data from McDonald’s menu prices in 2012. (Real Menu Prices)
Election Day, 2016
On Election Day, November 8, 2016, the average prices for McDonald’s menu items in the United States were approximately as follows:
- Quarter Pounder with Cheese: $3.79
- Large French Fries: $1.89
- Large Coca-Cola: $1.89
These estimates are based on data from McDonald’s menu prices in 2016. (Fast Food Menu Prices)
Election Day, 2020
On Election Day, November 3, 2020, the average prices for McDonald’s menu items in the United States were approximately as follows:
- Quarter Pounder with Cheese: $5.71
- Large French Fries: $2.89
- Large Coca-Cola: $1.99
These estimates are based on data from McDonald’s menu prices in 2020. (Fast Food Menu Prices)
Election Day, 2024
As of November 8, 2024, the average prices for McDonald’s menu items in the United States are approximately as follows:
- Quarter Pounder with Cheese: $4.89
- Large French Fries: $1.89
- Large Coca-Cola: $1.49
These estimates are based on data from McDonald’s menu prices in 2024. (Fast Food Price)
Cost of housing
Election Day, 2012
In 2012, the average monthly housing cost for a family of four in the United States varied based on factors such as location, housing type, and whether the family rented or owned their home. According to the U.S. Bureau of Labor Statistics (BLS), the average annual expenditure on housing for all consumer units in 2012 was $16,887, which translates to approximately $1,407 per month. (EPI)
For homeowners, the average annual expenditure was higher. The BLS reported that homeowners with a mortgage spent an average of $20,091 annually on housing, or about $1,674 per month. This figure includes mortgage payments, property taxes, insurance, maintenance, and utilities. (EPI)
Renters, on the other hand, had lower average housing costs. The BLS data indicates that renters spent an average of $10,080 annually on housing, equating to $840 per month. This amount typically covers rent payments and utilities. (EPI)
It’s important to note that these figures represent national averages and actual housing costs can vary significantly based on geographic location, housing size, and local market conditions. For instance, families living in metropolitan areas or regions with a high cost of living may have faced higher housing expenses compared to those in rural or less expensive areas.
Additionally, the U.S. Census Bureau’s American Community Survey provides data on median housing costs by state and metropolitan area, offering more localized insights into housing expenses during that period. (Ramsey Solutions)
In summary, while the average monthly housing cost for a family of four in 2012 was approximately $1,407, individual expenses varied widely based on factors such as homeownership status and geographic location.
Election Day, 2016
In 2016, the average monthly housing cost for a family of four in the United States varied based on factors such as location, housing type, and whether the family rented or owned their home. According to the U.S. Bureau of Labor Statistics (BLS), the average annual expenditure on housing for all consumer units in 2016 was $18,886, which translates to approximately $1,574 per month. (Pew Trusts)
For homeowners, the average annual expenditure was higher. The BLS reported that homeowners with a mortgage spent an average of $21,409 annually on housing, or about $1,784 per month. This figure includes mortgage payments, property taxes, insurance, maintenance, and utilities. (Pew Trusts)
Renters, on the other hand, had lower average housing costs. The BLS data indicates that renters spent an average of $11,892 annually on housing, equating to $991 per month. This amount typically covers rent payments and utilities. (Pew Trusts)
It’s important to note that these figures represent national averages and actual housing costs can vary significantly based on geographic location, housing size, and local market conditions. For instance, families living in metropolitan areas or regions with a high cost of living may have faced higher housing expenses compared to those in rural or less expensive areas.
Additionally, the U.S. Census Bureau’s American Community Survey provides data on median housing costs by state and metropolitan area, offering more localized insights into housing expenses during that period. (ValuePenguin)
In summary, while the average monthly housing cost for a family of four in 2016 was approximately $1,574, individual expenses varied widely based on factors such as homeownership status and geographic location.
Election Day, 2020
In 2020, the average monthly housing cost for a family of four in the United States varied based on factors such as location, housing type, and whether the family rented or owned their home. According to the U.S. Bureau of Labor Statistics (BLS), the average annual expenditure on housing for all consumer units in 2020 was $21,409, which translates to approximately $1,784 per month. (ValuePenguin)
For homeowners, the average annual expenditure was higher. The BLS reported that homeowners with a mortgage spent an average of $21,409 annually on housing, or about $1,784 per month. This figure includes mortgage payments, property taxes, insurance, maintenance, and utilities. (ValuePenguin)
Renters, on the other hand, had lower average housing costs. The BLS data indicates that renters spent an average of $11,892 annually on housing, equating to $991 per month. This amount typically covers rent payments and utilities. (ValuePenguin)
It’s important to note that these figures represent national averages and actual housing costs can vary significantly based on geographic location, housing size, and local market conditions. For instance, families living in metropolitan areas or regions with a high cost of living may have faced higher housing expenses compared to those in rural or less expensive areas.
Additionally, the U.S. Census Bureau’s American Community Survey provides data on median housing costs by state and metropolitan area, offering more localized insights into housing expenses during that period. (U.S. Census Bureau)
In summary, while the average monthly housing cost for a family of four in 2020 was approximately $1,784, individual expenses varied widely based on factors such as homeownership status and geographic location.
Election Day, 2024
As of November 2024, the average monthly housing cost for a family of four in the United States varies based on factors such as location, housing type, and whether the family rents or owns their home. According to the U.S. Bureau of Labor Statistics (BLS), the average annual expenditure on housing for all consumer units in 2023 was $22,624, which translates to approximately $1,885 per month. (Better Money Habits)
For homeowners, the average annual expenditure was higher. The BLS reported that homeowners with a mortgage spent an average of $24,885 annually on housing, or about $2,074 per month. This figure includes mortgage payments, property taxes, insurance, maintenance, and utilities. (Better Money Habits)
Renters, on the other hand, had lower average housing costs. The BLS data indicates that renters spent an average of $15,180 annually on housing, equating to $1,265 per month. This amount typically covers rent payments and utilities. )Better Money Habits)
It’s important to note that these figures represent national averages and actual housing costs can vary significantly based on geographic location, housing size, and local market conditions. For instance, families living in metropolitan areas or regions with a high cost of living may face higher housing expenses compared to those in rural or less expensive areas.
Additionally, the U.S. Census Bureau’s American Community Survey provides data on median housing costs by state and metropolitan area, offering more localized insights into housing expenses during that period. (Statista)
In summary, while the average monthly housing cost for a family of four in 2024 is approximately $1,885, individual expenses vary widely based on factors such as homeownership status and geographic location.
Mortgage Rates
Election Day, 2012
On Election Day, November 6, 2012, the average interest rate for a 30-year fixed-rate mortgage in the United States was approximately 3.40%. This figure is based on data from Freddie Mac’s Primary Mortgage Market Survey, which reported an average rate of 3.40% for the week ending November 8, 2012. (Property Calcs)
The Federal Reserve Bank of St. Louis provides a graph showing the 30-Year Fixed Rate Mortgage Average in the United States, which aligns with the Freddie Mac data for early November 2012. (MacroTrends)
According to the Federal Housing Finance Agency (FHFA), the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 4 basis points to 3.54% in November 2012. (Property Calcs)
Additionally, YCharts reports that the 30-Year Mortgage Rate was at 3.40% on November 8, 2012, consistent with the Freddie Mac data. (YCharts)
Lastly, Macrotrends provides a historical chart showing the 30-year fixed mortgage rate average in the United States, which indicates a rate of approximately 3.40% in early November 2012. (Federal Reserve Bank of St. Louis)
In summary, on Election Day 2012, the national average interest rate for a 30-year fixed-rate mortgage was approximately 3.40%, based on data from Freddie Mac and corroborated by other reputable sources.
Election Day, 2016
On Election Day, November 8, 2016, the average interest rate for a 30-year fixed-rate mortgage in the United States was approximately 3.54%. This figure is based on data from Freddie Mac’s Primary Mortgage Market Survey, which reported an average rate of 3.54% for the week ending November 3, 2016. (Property Calcs)
The Federal Reserve Bank of St. Louis provides a graph showing the 30-Year Fixed Rate Mortgage Average in the United States, which aligns with the Freddie Mac data for early November 2016. (HSH)
According to the Federal Housing Finance Agency (FHFA), the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased 4 basis points to 3.54% in November 2016. (Property Calcs)
Additionally, YCharts reports that the 30-Year Mortgage Rate was at 3.54% on November 3, 2016, consistent with the Freddie Mac data. (Federal Reserve Bank of St. Louis)
Lastly, Macrotrends provides a historical chart showing the 30-year fixed mortgage rate average in the United States, which indicates a rate of approximately 3.54% in early November 2016. MacroTrends
In summary, on Election Day 2016, the national average interest rate for a 30-year fixed-rate mortgage was approximately 3.54%, based on data from Freddie Mac and corroborated by other reputable sources.
Election Day, 2020
On Election Day, November 3, 2020, the average interest rate for a 30-year fixed-rate mortgage in the United States was approximately 2.78%. This figure is based on data from Freddie Mac’s Primary Mortgage Market Survey, which reported an average rate of 2.78% for the week ending November 5, 2020. (Federal Reserve Bank of St. Louis)
The Federal Reserve Bank of St. Louis provides a graph showing the 30-Year Fixed Rate Mortgage Average in the United States, which aligns with the Freddie Mac data for early November 2020. (Federal Reserve Bank of St. Louis)
According to the Federal Housing Finance Agency (FHFA), the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $510,400 or less decreased 4 basis points to 2.78% in November 2020. (Federal Reserve Bank of St. Louis)
Additionally, YCharts reports that the 30-Year Mortgage Rate was at 2.78% on November 5, 2020, consistent with the Freddie Mac data. (YCharts)
Lastly, Macrotrends provides a historical chart showing the 30-year fixed mortgage rate average in the United States, which indicates a rate of approximately 2.78% in early November 2020. (MacroTrends)
In summary, on Election Day 2020, the national average interest rate for a 30-year fixed-rate mortgage was approximately 2.78%, based on data from Freddie Mac and corroborated by other reputable sources.
Election Day, 2024
As of November 8, 2024, the average interest rate for a 30-year fixed-rate mortgage in the United States is approximately 6.99%. This figure is based on data from the Wall Street Journal, which reported a median rate of 6.99% on November 7, 2024. (The Wall Street Journal)
Similarly, Fox Business reported that the median interest rate on a 30-year fixed-rate mortgage was 6.99% as of November 7, 2024. (Fox Business)
According to the Federal Reserve Bank of St. Louis, the 30-Year Fixed Rate Mortgage Average in the United States was 6.79% on November 7, 2024. (Federal Reserve Bank of St. Louis)
NerdWallet reported that the average APR on a 30-year fixed-rate mortgage was 6.849% as of November 7, 2024. (NerdWallet)
Additionally, U.S. News reported that the average 30-year fixed mortgage APR was 6.93% as of November 6, 2024. (U.S. News Money)
In summary, on Election Day 2024, the national average interest rate for a 30-year fixed-rate mortgage was approximately 6.99%, based on data from multiple reputable sources.
Rate of inflation
Election Day, 2012
On Election Day, November 6, 2012, the United States experienced an annual inflation rate of approximately 2.2%, as measured by the Consumer Price Index (CPI) for All Urban Consumers. This index encompasses a broad range of goods and services, including housing, fuel, food, and utilities. (CPI Inflation Calculator)
The Bureau of Labor Statistics (BLS) reported that the CPI for All Urban Consumers increased by 2.2% over the 12 months ending in October 2012. This data reflects the overall change in prices paid by urban consumers for a representative basket of goods and services, covering essential categories such as housing, fuel, food, and utilities. (Bureau of Labor Statistics)
It’s important to note that while the overall inflation rate provides a general measure of price changes, individual categories like housing, fuel, food, and utilities can experience different rates of inflation. For instance, energy prices, which include fuel, can be more volatile and may have fluctuated differently compared to the overall CPI during that period. (Bureau of Labor Statistics)
In summary, as of November 2012, the United States had an annual inflation rate of approximately 2.2%, encompassing key categories such as housing, fuel, food, and utilities.
Election Day, 2016
As of Election Day, November 8, 2016, the United States experienced an annual inflation rate of approximately 1.6%, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). This index encompasses a broad range of goods and services, including housing, fuel, food, and utilities. (Bureau of Labor Statistics)
The Bureau of Labor Statistics (BLS) reported that the CPI-U increased by 1.6% over the 12 months ending in October 2016. This data reflects the overall change in prices paid by urban consumers for a representative basket of goods and services, covering essential categories such as housing, fuel, food, and utilities. (Bureau of Labor Statistics)
It’s important to note that while the overall inflation rate provides a general measure of price changes, individual categories like housing, fuel, food, and utilities can experience different rates of inflation. For instance, energy prices, which include fuel, can be more volatile and may have fluctuated differently compared to the overall CPI during that period. (Bureau of Labor Statistics)
In summary, as of November 2016, the United States had an annual inflation rate of approximately 1.6%, encompassing key categories such as housing, fuel, food, and utilities.
Election Day, 2020
As of Election Day, November 3, 2020, the United States experienced an annual inflation rate of approximately 1.2%, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). This index encompasses a broad range of goods and services, including housing, fuel, food, and utilities. (Bureau of Labor Statistics)
The Bureau of Labor Statistics (BLS) reported that the CPI-U increased by 1.2% over the 12 months ending in October 2020. This data reflects the overall change in prices paid by urban consumers for a representative basket of goods and services, covering essential categories such as housing, fuel, food, and utilities. (Bureau of Labor Statistics)
It’s important to note that while the overall inflation rate provides a general measure of price changes, individual categories like housing, fuel, food, and utilities can experience different rates of inflation. For instance, energy prices, which include fuel, can be more volatile and may have fluctuated differently compared to the overall CPI during that period. (Bureau of Labor Statistics)
In summary, as of November 2020, the United States had an annual inflation rate of approximately 1.2%, encompassing key categories such as housing, fuel, food, and utilities.
Election Day, 2024
As of Election Day, November 5, 2024, the United States experienced an annual inflation rate of approximately 2.4%, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). This index encompasses a broad range of goods and services, including housing, fuel, food, and utilities. (US Inflation Calculator)
The Bureau of Labor Statistics (BLS) reported that the CPI-U increased by 2.4% over the 12 months ending in September 2024. This data reflects the overall change in prices paid by urban consumers for a representative basket of goods and services, covering essential categories such as housing, fuel, food, and utilities. (US Inflation Calculator)
It’s important to note that while the overall inflation rate provides a general measure of price changes, individual categories like housing, fuel, food, and utilities can experience different rates of inflation. For instance, energy prices, which include fuel, can be more volatile and may have fluctuated differently compared to the overall CPI during that period. (US Inflation Calculator)
In summary, as of November 2024, the United States had an annual inflation rate of approximately 2.4%, encompassing key categories such as housing, fuel, food, and utilities.
National Debt
Election Day, 2012
On Election Day, November 6, 2012, the U.S. national debt was approximately $16.2 trillion. This figure is based on data from the U.S. Department of the Treasury, which reported that the total public debt outstanding on November 6, 2012, was $16,221,685,381,838.49. (FiscalData)
For additional context, the U.S. national debt at the end of fiscal year 2012 (September 30, 2012) was approximately $16.05 trillion, representing about 100.2% of the Gross Domestic Product (GDP) at that time. (Wikipedia)
Election Day, 2016
As of November 8, 2016, the U.S. national debt was approximately $19.9 trillion. This figure represents the total outstanding debt of the federal government at that time. (FiscalData)
For a detailed breakdown of the national debt by year, you can refer to the U.S. Treasury’s Fiscal Data website. (FiscalData)
Election Day, 2020
On Election Day, November 3, 2020, the U.S. national debt stood at approximately $27.2 trillion. This significant increase from previous years was largely due to the economic impact of the COVID-19 pandemic and the government’s response measures. The Congressional Budget Office reported that the federal budget deficit for fiscal year 2020 reached a record $3.1 trillion, driven by pandemic-related spending and reduced revenues. (Congressional Budget Office) Additionally, the U.S. Treasury’s Monthly Statement of the Public Debt indicated that by the end of November 2020, debt held by the public was $21.3 trillion, up from $17.1 trillion at the end of November 2019. (PGPF)
Election Day, 2024
As of November 5, 2024, the U.S. national debt stood at approximately $35.951 trillion. (The Daily Hodl) This figure represents the total amount of money that the federal government owes to creditors, including individuals, corporations, and foreign governments.
The national debt has been on an upward trajectory in recent years, influenced by factors such as increased government spending, tax policies, and economic relief measures. For instance, in September 2024, the public debt was around $35.46 trillion, indicating a consistent rise over the months leading up to the election. (Statista)
This growing debt has sparked concerns among economists and policymakers about its long-term sustainability and potential impacts on the economy. Discussions have centered on the need for fiscal responsibility and strategies to manage and reduce the national debt to ensure economic stability in the future.
Household Income
Election Day, 2012
In 2012, the median household income in the United States was approximately $51,017. This figure, reported by the U.S. Census Bureau, reflects the midpoint of household incomes, meaning half of the households earned more and half earned less. (U.S. Census Bureau)
The U.S. Census Bureau’s report, “Income, Poverty, and Health Insurance Coverage in the United States: 2012,” provides detailed insights into the nation’s economic conditions during that year. According to the report, the median household income in 2012 was not statistically different from the 2011 median of $51,100, indicating a period of economic stability following the recession. (U.S. Census Bureau)
Additionally, the Federal Reserve Bank of St. Louis offers a historical perspective on median household income through its FRED database. Their data aligns with the Census Bureau’s findings, showing a median household income of approximately $51,017 in 2012. (Federal Reserve Bank of St. Louis)
It’s important to note that these figures are presented in 2012 dollars and are not adjusted for inflation. When considering inflation adjustments, the real value of median household income may differ. For instance, the Census Bureau provides historical income tables that offer inflation-adjusted figures for comparison over time. U.S. Census Bureau
In summary, as of Election Day 2012, the median household income in the United States was approximately $51,017, reflecting the economic conditions of that period.
Election Day, 2016
In 2016, the median household income in the United States was $59,039, reflecting a 3.2% increase from the 2015 median of $57,230. This data, reported by the U.S. Census Bureau, indicates the second consecutive annual rise in median household income. (U.S. Census Bureau)
The U.S. Census Bureau’s report, “Income and Poverty in the United States: 2016,” provides detailed insights into the nation’s economic conditions during that year. According to the report, the real median income of non-Hispanic White, Black, and Hispanic-origin households increased by 2.0%, 5.7%, and 4.3%, respectively, between 2015 and 2016. (U.S. Census Bureau)
Additionally, the Federal Reserve Bank of St. Louis offers a historical perspective on median household income through its FRED database. Their data aligns with the Census Bureau’s findings, showing a median household income of approximately $59,039 in 2016. (U.S. Census Bureau)
It’s important to note that these figures are presented in 2016 dollars and are adjusted for inflation. When considering inflation adjustments, the real value of median household income may differ. For instance, the Census Bureau provides historical income tables that offer inflation-adjusted figures for comparison over time. (U.S. Census Bureau)
In summary, as of Election Day 2016, the median household income in the United States was approximately $59,039, reflecting the economic conditions of that period.
Election Day, 2020
In 2020, the median household income in the United States was $67,521, marking a 2.9% decrease from the 2019 median of $69,560. This decline was the first statistically significant drop in median household income since 2011. (U.S. Census Bureau)
The U.S. Census Bureau’s report, “Income and Poverty in the United States: 2020,” provides detailed insights into the nation’s economic conditions during that year. According to the report, the real median incomes of non-Hispanic White, Asian, and Hispanic households decreased from their 2019 medians, while the change for Black households was not statistically significant. (U.S. Census Bureau)
Additionally, the Federal Reserve Bank of St. Louis offers a historical perspective on median household income through its FRED database. Their data aligns with the Census Bureau’s findings, showing a median household income of approximately $67,521 in 2020. (Census Data)
It’s important to note that these figures are presented in 2020 dollars and are adjusted for inflation. When considering inflation adjustments, the real value of median household income may differ. For instance, the Census Bureau provides historical income tables that offer inflation-adjusted figures for comparison over time. (U.S. Census Bureau)
In summary, as of Election Day 2020, the median household income in the United States was approximately $67,521, reflecting the economic conditions of that period.
Election Day, 2024
As of Election Day, November 5, 2024, the most recent data available indicates that the median household income in the United States was $80,610 in 2023. This figure represents a 4.0% increase from the 2022 median of $77,540, marking the first statistically significant annual rise since 2019. (U.S. Census Bureau)
The U.S. Census Bureau’s report, “Income in the United States: 2023,” provides detailed insights into the nation’s economic conditions during that year. According to the report, real median household incomes increased by 5.4% for White households and by 5.7% for non-Hispanic White households between 2022 and 2023. There was no significant change in median incomes for Black, Asian, and Hispanic households. (U.S. Census Bureau)
Additionally, the Federal Reserve Bank of St. Louis offers a historical perspective on median household income through its FRED database. Their data aligns with the Census Bureau’s findings, showing a median household income of approximately $80,610 in 2023. (Federal Reserve Bank of St. Louis)
It’s important to note that these figures are presented in 2023 dollars and are adjusted for inflation. When considering inflation adjustments, the real value of median household income may differ. For instance, the Census Bureau provides historical income tables that offer inflation-adjusted figures for comparison over time. (U.S. Census Bureau)
In summary, as of Election Day 2024, the most recent data indicates that the median household income in the United States was approximately $80,610 in 2023, reflecting the economic conditions of that period.
That’s a mountain of words
And I could write more. But I wanted to provide data points. Read into them what you want. Argue COVID, supply chain, inflation, etc. There are tons of variables that real, live economists could introduce and provide nuance. I can’t. I just did a ton of Googling. So it is what it is.
The data, in terms of percentage increase/decrease
1. Gasoline Prices:
- 2012: $3.46 per gallon
- 2016: $2.22 per gallon (35.8% decrease from 2012)
- 2020: $2.11 per gallon (5.0% decrease from 2016)
- 2024: $3.57 per gallon (69.2% increase from 2020)
2. Milk Prices:
- 2012: $3.65 per gallon
- 2016: $3.20 per gallon (12.3% decrease from 2012)
- 2020: $3.56 per gallon (11.3% increase from 2016)
- 2024: $4.02 per gallon (12.9% increase from 2020)
3. Egg Prices:
- 2012: $1.84 per dozen
- 2016: $1.68 per dozen (8.7% decrease from 2012)
- 2020: $1.47 per dozen (12.5% decrease from 2016)
- 2024: $3.82 per dozen (159.9% increase from 2020)
4. Housing Costs:
- 2012: Approx. $1,407 per month
- 2016: Approx. $1,574 per month (11.9% increase from 2012)
- 2020: Approx. $1,784 per month (13.3% increase from 2016)
- 2024: Approx. $1,885 per month (5.7% increase from 2020)
5. Mortgage Rates:
- 2012: 3.40% for a 30-year fixed mortgage
- 2016: 3.54% (4.1% increase from 2012)
- 2020: 2.78% (21.5% decrease from 2016)
- 2024: 6.99% (151.5% increase from 2020)
6. Inflation Rates:
- 2012: 2.2%
- 2016: 1.6% (27.3% decrease from 2012)
- 2020: 1.2% (25.0% decrease from 2016)
- 2024: 2.4% (100% increase from 2020)
7. Median Household Income:
- 2012: $51,017
- 2016: $59,039 (15.7% increase from 2012)
- 2020: $67,521 (14.4% increase from 2016)
- 2024: $80,610 (19.4% increase from 2020)
Summary of National Debt from 2012 to 2024
The U.S. national debt has steadily increased over the years, as highlighted by data from four key election years: 2012, 2016, 2020, and 2024.
- 2012 to 2016:
- National Debt in 2012: $16.2 trillion
- National Debt in 2016: $19.9 trillion
- Percentage Increase: 22.8%
- Analysis: The debt increased by nearly 23% over four years, driven by continued government spending and economic recovery efforts following the 2008 financial crisis.
- 2016 to 2020:
- National Debt in 2016: $19.9 trillion
- National Debt in 2020: $27.2 trillion
- Percentage Increase: 36.7%
- Analysis: The national debt surged by almost 37%, primarily due to massive government expenditures related to the COVID-19 pandemic, economic relief packages, and stimulus measures.
- 2020 to 2024:
- National Debt in 2020: $27.2 trillion
- National Debt in 2024: $35.951 trillion
- Percentage Increase: 32.2%
- Analysis: The debt continued to grow significantly by over 32% between 2020 and 2024, reflecting ongoing fiscal challenges, increased federal spending, and policy measures to support economic growth and infrastructure.
Overall Trend
- From 2012 to 2024, the national debt has more than doubled, increasing by approximately 121.9%.
- Key Drivers: Major factors contributing to this growth include government spending on economic stimulus, public health emergencies, military expenditures, and rising interest payments on the debt.
The upward trajectory of the national debt raises concerns about long-term fiscal sustainability and the potential economic implications for future generations.
Are We Better Off Than We Were in 2012?
In evaluating the economic conditions from 2012 to 2024, it’s evident that while median household income has increased significantly—rising by 58.0% from $51,017 in 2012 to $80,610 in 2024—this growth must be weighed against the rising costs of essential goods and services.
- Housing Costs: Monthly housing expenses have increased by approximately 33.9%, placing a heavier burden on household budgets. Mortgage rates, once historically low, have more than doubled from 2012 to 2024, making homeownership more expensive.
- Food Costs: Prices for basic staples like milk and eggs have surged, with egg prices showing a dramatic increase of nearly 160% since 2020. Household food costs have also risen steadily, making everyday groceries a larger financial strain.
- Fuel Prices: Gasoline prices have seen significant volatility. After dropping from 2012 to 2020, they have surged again by 2024, impacting transportation and other fuel-dependent costs.
- Inflation: Although inflation was relatively low in 2016 and 2020, it has risen to 2.4% by 2024. The higher cost of living, compounded by inflation, erodes purchasing power and diminishes the impact of wage gains.
Are We Better Off?
The answer depends on perspective:
- Income Growth vs. Cost of Living: While income growth appears robust, the rising cost of housing, food, fuel, and utilities offsets these gains for many families. Inflation-adjusted figures suggest that the real increase in purchasing power may not be as significant as it seems.
- Homeowners vs. Renters: Homeowners who secured low mortgage rates in the earlier years are likely better off, while new homebuyers in 2024 face much higher borrowing costs. Renters also face steadily increasing housing expenses.
- Overall Well-Being: The average family’s financial situation in 2024 is more complex. While they earn more, they also spend significantly more on necessities, which means that despite higher incomes, many families may not feel economically secure or better off than they were in 2012.
While there are certainly improvements in income levels, rising expenses have kept pace or outstripped these gains for many. The average family in 2024 might not be unequivocally better off than in 2012, as the higher cost of living and economic volatility have created financial pressures that mitigate the benefits of increased earnings.
