Economy

NPR

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Somehow, the economy grew last year at the fastest pace since 1984 : NPR

Last year saw the fastest economic growth since Ronald Reagan was president. But for many people, 2021 felt less like "Morning in America" and more like a restless night, dogged by fitful dreams about the ongoing pandemic.

The Commerce Department reported Thursday that the nation's gross domestic product grew 5.7% last year — the biggest increase since 1984. But the growth arrived in fits and starts, with hopes for a steady recovery repeatedly dashed by successive waves of infection.

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What life was like in early-1980s America …

  • In October 1981, the average rate for a 30-year fixed-rate mortgage in America was 18.61 percent.
  • In August 1982, the average new car loan was 17.82 percent.

At 18.61 percent interest, a $100,000 loan paid over 15 years would involve paying $298,332 in principal and interest. Paid out over 30 years, that would be $461,679.21 in principal and interest. But that ignores inflation or refinancing, which makes those numbers seem less absurd.

Malvina Reynolds – Buying The Package

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You're buying the package, you're buying the dream. You pay for the ads, on the television screen. They sell you a story, They sell you a mood, but what they don't deliver is food.