Amazing Economic Changes in The U.S. Since 1918
Causes of Changes in Our Economy
As the hours, days and years of our lives change so do many other things; some of which change on their own due to nature. These include the eruption of volcanoes, storms, earthquakes and other natural disasters that plague our world, but there are many things which change because of our actions: some planned and some accidentally.
One of the changes we have perpetuated through the years is our economy. It's been changed through advances in technology, with many major changes coming about in the 20th century and the beginning of the 21st century. These include the invention of the automobile, the airplane, space transportation, communication, advances in medicine, and so much more. With each added advancement, the economy changes, as if in a stair-step pattern for us here in the United States.
In this article, we'll take a look at changes in this country's economy through increments of 20-year spans, beginning in 1918 and ending in 2018. We'll also showcase some of the products that caused it to change.
Cars in 1918
The U.S. Economy in 1918
In 1918, almost everyone in America was excited about living in the 20th century. All the newest inventions were really coming into vogue, such as the automobile and the airplane. Alternating current (AC) was at the doorstep of becoming more available for many Americans who hadn't had access to it earlier.
Something not so wonderful was happening in Europe; World War I was in its final year. Thirty-two countries were involved in that conflict. Back in America, the Ford Model T was paving the way for future automobile productions with its assembly line, and the airplane was constantly evolving.
For us today in the 21st century, a look at the nation's economy in 1918 is simply astounding, with the average house and car prices then appearing so low, but when you factor in the wages, it looks different. Here are some of the most noted costs of living averages that year.
- Average house cost: $6,187
- Average car cost: $440
- Average yearly wage for a household: $641
- Cost of a first-class stamp: $0.2
- Cost of a gallon of regular gas: $0.16
- Cost of a gallon of Milk: $0.29
The 2018 average wage for a household would buy 9 homes or 134 cars in 1918.
Airplanes in 1918
Cars in 1938
Cost of Living in 1938
- Average house cost: $6,827
- Average car cost: $920
- Average yearly wage for a household: $1,561
- Cost of a first-class stamp: $0.3
- Cost of a gallon of regular gas: $0.19
- Cost of a gallon of Milk: $0.60
The 2018 average wage for a household would buy 8 houses or 64 cars in 1938.
Airplanes in 1938
Cars in 1958
Cost of Living in 1958
- Average house cost: $12,750.00
- Average car cost: $2,200
- Average yearly wage for a household: $4.600.00
- Cost of a gallon of gas: 25 cents
- Cost of a first-class stamp: 4 cents
- Cost of a gallon of regular gas: 25 cents
- Cost of a gallon of Milk: $1.01
The 2018 average wage for a household would buy 4 houses or 26 cars in 1958.
Airplanes in 1958
Cars in 1978
Cost of Living in 1978
- Average house cost: $54,800.00
- Average car cost: $6,379
- Average yearly wage for a household: $17,000.00
- Cost of a first-class stamp: 15 cents
- Cost of a gallon of regular gas: 77 cents
- Cost of a gallon of Milk: $1.44
The 2018 average wage for a household would buy 1 house or 9 cars in 1978.
Airplanes in 1978
Cars in 1998
Cost of Living in 1998
- Average house cost: $129,300.00
- Average car cost: $17,200.00
- Average yearly wage for a household: $52,175.00
- Cost of a first-class stamp: 32 cents
- Cost of a gallon of regular gas: $1.15
- Cost of a gallon of Milk: $3.16
The 2018 average wage for a household wouldn't even buy half of a house but would buy 3 cars.
Airplanes in 1998
Airplanes in 2018
Cost of Living in 2018
- Average house cost: 300,000.00
- Average car cost: $34,000
- Average wage was: $59,055.00
- Cost of a first-class stamp: 50 cents
- Cost of a gallon of regular gas: $2.69 Cost of a gallon of Milk: $3.14
What Will Our Economy Look Like in The Future
It is hard to determine what our economy will look like in the future because there are so many variables in play which can affect it. One thing we can almost be certain of is that products and services will continue to rise in cost.
A History of American Economic Growth in the 20th Century https://www.thoughtco.com/us-economic-growth-in-the-20th-century-1148146
A Glimpse at Your Expenses 100 Years Ago https://money.usnews.com/money/personal-finance/articles/2015/01/02/a-glimpse-at-your-expenses-100-years-ago
1918-2018, What a Difference 100 Years Can Make! https://blog.famicity.com/2017/12/1918-2018-what-a-difference-100-years-can-make/?lang=en
© 2018 Gerry Glenn Jones