that was a satisfying read. inflation is the product of more and more hands in the till.
its 1964. reach in your pocket and pull out three dollars worth of dimes and quarters. now its 2011. it takes a hundred dollar bill to buy that handful of change. as montag told me on the phone(and continually inspires such thoughts), the hundred dollar bill is not just as fake as a three dollar bill, IT IS a three dollar bill.
a person makes ten bucks an hour and works 40 hours a week. thats actually 30 cents an hour and twelve bucks a week in buying power in 1964.
President: Lyndon B. Johnson
Vice President: none
Life expectancy: 70.2 years
Federal spending: $118.53 billion
Federal debt: $316.1 billion
Consumer Price Index: 31
Cost of a new home: $20,500.00
Cost of a new car: $3,500.00
Cost of a first-class stamp: $0.05
Cost of a gallon of regular gas: $0.30
Cost of a dozen eggs: $0.54
Cost of a gallon of Milk: $0.95
minimum wage: $1.25
average income: $6,000.00 ($2.88/hour based on 40 hour work week)
thats almost $100 dollars per hour in silver. its about $150 an hour in gold(using $30 per ounce). to me, that says that only lawyers and doctors are making an average wage. the rest of us are making one tenth that.
at about 3 bucks an hour average wage one could buy ten gallons of gas for an hours work. today one would have to make $35 an hour to do the same.
and look at the federal debt. plug that number into the inflation calculator