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Watch- The Magic of Inflation: What $5.62 Bought in 1962
Rightwire.net ^ | 7/24/11 | tvdays

Posted on 07/24/2011 10:26:12 AM PDT by Nachum

Ah yes, life is so much better under the Obama economy now.

(Excerpt) Read more at rightwire.net ...


TOPICS: Business/Economy; History
KEYWORDS: 1950s; 1957; 1962; bought; inflation; magic; nineteenfifties
Vid at link
1 posted on 07/24/2011 10:26:17 AM PDT by Nachum
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To: Nachum
I ran it through a inflation calculator.

What cost $5.62 in 1962 would cost $40.06 in 2010. .

2 posted on 07/24/2011 10:29:46 AM PDT by Palter (Celebrate diversity .22, .223, .25, 9mm, .32 .357, 10mm, .44, .45, .500)
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To: Nachum

I remember 1964. My father bought a NEW 1964 Chevy Impala for $2000 and was telling me how ridiculous it was that a CORVETTE cost $4000.


3 posted on 07/24/2011 10:29:56 AM PDT by UCANSEE2 (Lame and ill-informed post)
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To: Nachum

Leave the dog in the car! lol!


4 posted on 07/24/2011 10:31:27 AM PDT by CodeToad (Islam needs to be banned in the US and treated as a criminal enterprise.)
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To: UCANSEE2
I remember 1964. My father bought a NEW 1964 Chevy Impala for $2000 and was telling me how ridiculous it was that a CORVETTE cost $4000.

I remember in 1969 my dad bought a brand new, fully loaded Pontiac Bonneville. He said, "I never paid $5000 for a car in my whole life, but your Mom and I really wanted this one, and with my new job, we can afford it." I was so impressed, because I was in college, driving my used $800 Volkswagen bug.

5 posted on 07/24/2011 10:34:13 AM PDT by RightField (one of the obstreperous citizens insisting on incorrect thinking - C. Krauthamer)
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To: Nachum

In 1962 I was a Frosh in college. A 5.00 date had a great return on investment. Of course curfew was 11:00 so I rarely got past 2nd base!


6 posted on 07/24/2011 10:35:24 AM PDT by Young Werther ("Quae cum ita sunt" Since these things are so!)
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To: UCANSEE2

I think your 64 Impala number is too low.

Edmunds shows them around $3000.

I know I bought a new strippo Chevy II (Nova) for $2300 in 67 and back then prices weren’t going up very fast.


7 posted on 07/24/2011 10:37:21 AM PDT by nascarnation
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To: Nachum

When did the War on Poverty end?


8 posted on 07/24/2011 10:42:23 AM PDT by seton89 (Aequinimitas per ignorantiam)
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To: UCANSEE2

Had we purchased that Vette and put it in a climate controlled storage it would have increased better than gold.


9 posted on 07/24/2011 10:43:36 AM PDT by Joe Boucher ((FUBO))
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To: Nachum

According to the copyright date in the actual video, it’s MCMLVII, or 1957, not 1962.


10 posted on 07/24/2011 10:46:57 AM PDT by krb (Obama is a miserable failure.)
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To: krb

Interesting. Might have been shot in ‘56 too.


11 posted on 07/24/2011 10:50:37 AM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Palter

A common wage in that time period was under fifty-cents per hour, too.


12 posted on 07/24/2011 10:57:18 AM PDT by TomGuy
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To: krb
The supermarket really hasn't changed much over the past 50 years. Many of the brands featured in the video are still in supermarkets today. And the food is cheap as always. There's nobody going hungry in America, that's for sure. Even the morbidly obese food stamp queens are waddling down the aisles with full carriages. Yes, we can rhapsodize all day about how much cheaper our grocery bill was 1962 but I don't think many of us would want to trade paychecks with that era - the average worker made about $75 a week.

I went to the grocery store yesterday morning and yes, I left my dog in the car.

13 posted on 07/24/2011 11:04:22 AM PDT by SamAdams76
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To: Nachum

MCMLVII seems to be 1957 and not 1962. Not sure if that makes much of a difference, but...


14 posted on 07/24/2011 11:16:29 AM PDT by Two Kids' Dad ((((( )))))
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To: SamAdams76

I dunno, many would - $75 dollars in silver coin is worth over $2100 in today’s money.


15 posted on 07/24/2011 11:19:28 AM PDT by Freedom4US
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To: TomGuy

“A common wage in that time period was under fifty-cents per hour, too.”

Exactly - people tend to look at only one side of the equation. My first job as an engineer just out of college in 1971 paid around $10K/year?


16 posted on 07/24/2011 11:23:56 AM PDT by aquila48
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To: nascarnation

My Mom bought a new 66 Impala for around $3K.


17 posted on 07/24/2011 11:27:18 AM PDT by jospehm20
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To: Nachum

In 1961, my parents bought the house where they still live, for $41,000.

If the seller had been paid in silver certificates, and had redeemed each at the bank for 0.77344 ounces of silver (31,711 ounces), the seller would have, today, about $1,272,000 - and after taxes, maintenance, and improvements to the home, would be ahead on the deal by quite a bit.


18 posted on 07/24/2011 11:31:01 AM PDT by Jim Noble (Freedom is the freedom to say 2+2=4. If that is granted, all else follows.)
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To: Young Werther
Of course curfew was 11:00 so I rarely got past 2nd base!

You should have started the game earlier.

19 posted on 07/24/2011 11:36:00 AM PDT by hattend (Its a matter of public record that I did not go to Harvard Law School, but I can add. - Sarah Palin)
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To: TomGuy

I think you are a little low. I made $1.15 an hour in 1955 and while in college I got a job starting at $2.16 per hour.


20 posted on 07/24/2011 11:46:35 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: Two Kids' Dad
MCMLVII seems to be 1957 and not 1962. Not sure if that makes much of a difference, but...

The newest cars in the film were 1957 models. Also, none of the women were wearing 1962 hairdos.

21 posted on 07/24/2011 12:04:43 PM PDT by Fiji Hill
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To: Palter

Whoa hold up a minute, it isn’t all bad. Oil cost $3.00/bbl back then.

Mrs. C and I were living in Fayetteville in late 68 and early 69. We went up to spend Christmas with her Mom. A couple of days after Christmas my dearest was hit by a really bad craving(pica) for watermelon.

I had the darnedest time finding one. Finally did in a deli that supplied the rich borough just south of what is now A_Sheville, NC. Paid $5.00 for it. Now they cost three or four bucks in today’s money.

Trade with Chile, lower prices. The 68 price in today’s oil prices would be near about $150.00 in 0bama dollars.

A computer now costs under a grand fully flexed out. Then one cost anywhere from thirty grand up to nearly a million.

Better hitting a double(second base) than falling in the grand canyon on a first date.(IMHO)

Caddis the Elder


22 posted on 07/24/2011 12:08:08 PM PDT by palmerizedCaddis
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To: palmerizedCaddis
Well, technology always helps. I believe in the good use of prices, ie computers are cheaper now than the past.

As for the fuel, looks like in 62' the price was .31$ a gallon, that's $2.21 in 2010 prices.

23 posted on 07/24/2011 12:15:45 PM PDT by Palter (Celebrate diversity .22, .223, .25, 9mm, .32 .357, 10mm, .44, .45, .500)
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To: Nachum

The local grocery store has both 8-pack and 10-pack granola bars selling for the same price. Halfway to the change over to smaller packages.

That’s 20% inflation right there.


24 posted on 07/24/2011 12:23:49 PM PDT by sbMKE
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To: Palter; UCANSEE2; RightField; Young Werther; nascarnation; jospehm20; Nachum

I should have kept my first car - a 1955 Pontiac - I bought used in 1966 for $250, and sold in 1969 for $250.

With inflation that $250 purchase would have been worth $1,660.95 in 2010. Yet, on Ebay a couple years ago I found three 1955 Pontiacs exactly like my old one, and all for sale for $30,000. That “investment” would have been WAY ahead of inflation. (Now, don’t spoil the idea with reminders about the “cost of ownership”).

P.S. To Nachum - I think the video is 1957; that’s what the date MCMLVII means (in the opening credits), and I saw no cars older than ‘57 in the footage.

That would make the $5.63 grocery tab in 1957 worth $43.19 in 2010.

While you don’t see the cashier wring up everything, you do see her wring up most of the items and with most of the items everything is priced below $0.50. That part was interesting in itself.


25 posted on 07/24/2011 12:27:04 PM PDT by Wuli (c)
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To: palmerizedCaddis

Your dearest one sent you out looking for watermelon at Christmas-time?

Have you ever thought about the possibility that she was trying to get you out of the house?


26 posted on 07/24/2011 12:57:13 PM PDT by ladyjane
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To: UCANSEE2

I remember that year standing on the front porch with my Dad. I pointed out to Dad that the neighbors across the street had just bought 2 brand new Chevy’s. My dad turned to me and said “Well you can afford two new cars when you are pulling down $10,000 per year”.


27 posted on 07/24/2011 1:12:46 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: ladyjane

She was very, verry, verry pregnant. Safe even if she were ditching me for some rich jerk her folks had hope she would marry.

She ate everything but the shiny part of the pitifully small melon. Perhaps thou art judging my wife’s bushel in thine own pint cup.

Caddis


28 posted on 07/24/2011 2:07:36 PM PDT by palmerizedCaddis
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To: UCANSEE2

I just remember reading the Dick Tracy comic strip and he had a $4000 car!


29 posted on 07/24/2011 7:09:40 PM PDT by cherry
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To: nascarnation
I think your 64 Impala number is too low.

That is possible. It was a long time ago. I'm pretty sure about the $4000 figure for the Corvette.

30 posted on 07/24/2011 8:49:57 PM PDT by UCANSEE2 (Lame and ill-informed post)
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