[Homestead] GDP statistics, inflation calculator, gasoline has dropped over the years

Tvoivozhd tvoivozd at infionline.net
Tue Sep 28 23:40:46 EDT 2004

Yes, gasoline has dropped, inflation figured in.  Of course the present 
rise from its dropped  price level has the same adverse affect as a 
sudden tax of the same amount---a severe drag on the economy.

Historical Data

Here are three good sites for historical economic data.

First, is the site What Was the GDP Then? This web site allows you to 
find out what the GDP (Gross Domestic Product) from 1790 to 2002. It 
will display the nominal GDP, real GDP,
Population, Nominal GDP per capita, and Real GDP per capita. The U.S. 
economy has grown a lot since 1950 (tripled in constant dollars per 
person in the U.S. The population doubled in that same time period). 
Yes, GDP is a crude measurement but we don't have something better for 
earlier times.

Second we have an Inflation Calculator which can calculate the value of 
money in U.S. dollars from 1913 to 2004. For example $20 in 1950 is 
worth $153 dollars today (based on the Consumer Price Index, not totally 
accurate but pretty good).

Last we have a this great chart which shows how gasoline costs have been 
heading down in real dollars over the last 50 years. Yes prices have 
spiked recently but the overall trend is down, not up. Does that 
surprise you? I recently talked to one man who claimed a relative in the 
oil industry was projecting $10 a gallon gas within the next 6 years 
(2010). Based on the last 50 years, that will only happen if the 
inflation rate goes way up.

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