Reflection on Patriot Day

I cannot believe 9/11/2001 was 24 years ago. This morning at Rotary, members were asked where they were when the towers were hit.

I was in my truck heading from Lake Stevens to my office in Everett when I heard KIRO announce "unconfirmed" reports of a plane flying into one of the towers.

As I recall, I arrived in my office to the announcement that trading was being halted just before the market was to open. When trading resumed — after first a huge drop — the rebound started.

In the ensuing months we would send troops to the Middle East to chase down any relationship any group had to those responsible for the towers, the Pentagon, and the crash of Flight 93 in Pennsylvania.

Eventually Bin Laden was killed and most of the Al-Qaeda group responsible was eliminated.

Worth Noting: Economic Indicators Then and Now

The Dow Jones Industrial Average was to open on 9/11/2001 at 9,605.25. That number remained until trading resumed on 9/17/2001.

The 30-year fixed mortgage rate in 2001 was 7.01%.

Unemployment was 4.9%.

Annual inflation rate in 2001 was 2.8% at year end.

Average median income according to the US Census was $42,228 annually.

Average home cost nationwide was $174,100 on 12/31/2001 according to FRED & STLOUISFED.

Lastly, a gallon of gas had spiked to a nationwide price of $1.48 at the end of September 2001, but finished the year at $1.096 a gallon.

Where Are We Now?

So after 20-plus years of fighting many military campaigns — more years than WWI (19 months), WWII (4 years), and Korea (3 years) combined, and almost the same as Vietnam (1955–1975) — with tons of finger pointing politically at what is wrong with the country and who did what and when. Where are we?

The Dow Jones Industrial Average opened today at 46,116.62 — almost a 400% increase over 24 years.

The mortgage rate according to BankRate and the Fed is 6.35%, not that far off the 7.01% of 2001.

Unemployment is 4.3% as of 8/30/2025 compared to 4.9% in 2001. (BLS)

Inflation, as reported by the same institutions reporting it in 2001 (2.8%), stands at 2.9% for the year 2024 and 2.65% through August 2025. Almost exactly the same rate.

Average median income according to the US Census as of 9/9/2025 is $83,730.

Home prices have jumped from $174,100 in 2001 to $410,800 according to FRED and the St. Louis Federal Reserve.

Lastly, according to the EIA, one gallon of gas on average was $3.19 on 9/8/2025.

Putting It in Perspective

The Bureau of Labor Statistics (BLS) tracks U.S. inflation using the Consumer Price Index (CPI). The average annual inflation rate in the United States from 1914 to 2025 was approximately 3.29%.

The average U.S. unemployment rate, according to the BLS, has been approximately 5.7% to 5.8% since records began in 1948, though this figure has varied significantly over time. For example, the rate reached a high of 14.9% in April 2020 and a low of 2.5% in May 1953.

All in all, it would appear that even though home prices have skyrocketed, so have wages on average — while labor and unemployment have been historically favorable for some time now.

Before doing this research I must confess — with all the headlines and headwinds in the whirlwind of instant news, right or wrong — I thought things were not as good as they appear.

As one of my fellow Rotarians said this morning: let's just be "kinder to one another — go back to the days we could have a discussion and disagree, but could still have a beer and enjoy each other's company."

"Let's just be better humans!" — as he summed up his thoughts on this most solemn of days in our beloved country.