{"id":1958,"date":"2024-11-08T16:18:56","date_gmt":"2024-11-08T23:18:56","guid":{"rendered":"https:\/\/scottkjames.com\/website_d4298829\/?p=1958"},"modified":"2024-11-09T08:29:47","modified_gmt":"2024-11-09T15:29:47","slug":"are-we-truly-better-off-comparing-the-economic-realities-of-2012-2016-2020-and-2024","status":"publish","type":"post","link":"https:\/\/scottkjames.com\/website_d4298829\/2024\/11\/are-we-truly-better-off-comparing-the-economic-realities-of-2012-2016-2020-and-2024\/","title":{"rendered":"Are We Truly Better Off? Comparing the Economic Realities of 2012, 2016, 2020, and 2024"},"content":{"rendered":"\n
This post was updated on 11\/09\/2024 to include a section on National Debt.<\/pre>\n\n\n\n
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? <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
A gallon of gasoline<\/h2>\n\n\n\n
Election Day, 2012<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
The EIA’s monthly data indicates that the average price for November 2012 was $3.452 per gallon. (U.S. Energy Information Administration<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2012, the national average gasoline price was approximately $3.46 per gallon<\/em><\/strong>, based on data from the EIA and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2016<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
The EIA’s monthly data indicates that the average price for November 2016 was $2.185 per gallon. (U.S. Energy Information Administration<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
In summary, on Election Day 2016, the national average gasoline price was approximately $2.22 per gallon<\/em><\/strong>, based on data from the EIA and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2020<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
The EIA’s monthly data indicates that the average price for November 2020 was $2.109 per gallon. (U.S. Energy Information Administration<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2020, the national average gasoline price was approximately $2.11 per gallon<\/em><\/strong>, based on data from the EIA and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2024<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
The EIA’s weekly data indicates that the average price for regular gasoline on November 4, 2024, was $3.069 per gallon. (FRED<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
According to YCharts, the U.S. retail regular gas price was $3.069 per gallon on November 4, 2024. (YCharts<\/a>)<\/p>\n\n\n\n
Lastly, Finder.com reported that the national average gas price was $3.13 per gallon as of October 31, 2024. (Finder<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2024, the national average gasoline price was approximately $3.57 per gallon<\/em><\/strong>, based on data from the EIA and corroborated by other reputable sources.<\/p>\n\n\n\n
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A gallon of milk<\/h2>\n\n\n\n
Election Day, 2012<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2012, the national average price for a gallon of fresh, whole, fortified milk was approximately $3.65<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2016<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2016, the national average price for a gallon of fresh, whole, fortified milk was approximately $3.20<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2020<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2020, the national average price for a gallon of fresh, whole milk was approximately $3.56<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2024<\/h4>\n\n\n\n
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<\/a>) <\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
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A dozen eggs<\/h2>\n\n\n\n
Election Day, 2012<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Election Day, 2016<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
In summary, on Election Day 2016, the national average price for a dozen Grade A large eggs was approximately $1.68<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2020<\/h4>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a><\/p>\n\n\n\n
In summary, on Election Day 2020, the national average price for a dozen Grade A large eggs was approximately $1.47<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n\n
Election Day, 2024<\/h4>\n\n\n\n
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<\/a>) This represents a significant increase from the $2.07 average price in September 2023. (Barron’s<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/a>)<\/p>\n\n\n\n
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<\/em><\/strong>, based on data from the BLS and corroborated by other reputable sources.<\/p>\n\n\n
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Family food cost for a month<\/h2>\n\n\n\n
Election Day, 2012<\/h4>\n\n\n\n
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:<\/p>\n\n\n\n