Posted on 12/21/2012 2:40:14 PM PST by virgil283
"One way to illustrate your good fortune of being a holiday shopper today is to measure the cost of consumer goods by the number of hours it takes working at the average hourly wage to earn enough income to purchase typical consumer products at their retail prices, and then compare the “time cost” of goods from the past to today’s “time cost” for similar items.... consider the equipment with the “best stereo sound” that Sears had to offer in 1958, which was advertised for sale in its Christmas catalog for $84.95 (see picture above), boasting that “You’ll be amazed at the ‘living sound’ you’ll hear on this newest development in portable phonographs. Four tubes per rectifier. Hear every note, every shading of tone.”
I don’t think anybody today would be too amazed at the sound quality of that 1958 “state-of-the-art” stereo equipment playing 45 and LP records of the day. And certainly nobody would trade his or her iPod for that system, especially considering that the time cost of today’s iPod is only 12.25 hours of work at today’s average hourly wage (to earn $234.99 for a classic iPod), which is more than 71 percent cheaper in time cost than Sears’s best stereo equipment in 1958 (42.9 hours of work at $1.98 per hour).............
(Excerpt) Read more at aei-ideas.org ...
I don’t watch my TV, but if I wanted decent programming, I’d have to pay “rent”.
But it warms up a room nicely.
In the late '80s, I bought a 52 Plymouth that used a 6 volt tractor battery. It had a radio. Tube of course, with vibrators for the power supply and everything. First time the kids rode in it, I reached over and flicked on the radio and then backed out of the driveway. My daughters told me that the radio didn't work.....
By the time we got to the corner, of course, it was on and working. ;)
Kids should experience some things first hand.
/johnny
Yes, comparatively the price of both gas and diesel is higher - where the article essentially suggests a 10 fold wage increase the price of gas/diesel is a bit more, say 12-15. This extra inflation (2-5x) can likely be attributed to regulatory costs and inefficiencies.
What they didn’t show is the effect of our legal system on things like medical costs. In the mid 50’s one example is childbirth, costs for obstetric care was around $30 (see http://www.oftwominds.com/blogjuly09/healthcare07-09.html). Such medical costs are up two ranges of magnitude, not one (100x +, not 10x). Largely driven by not only direct liability insurance but also the extra and improved services provided, much of which is simply CYA tests and items to ensure the Dr. or hospital doesn’t get sued or can at least defend against the suit. Zero’s solution is to regulate the medical industry even more, increase costs without any reform of the out of control tort system.
When living in Switzerland our daughter had a minor surgery - even there where costs for most things are extreme this procedure costs a fraction of what it would have cost here. Dr’s don’t face the same malpractice claims they do here, “punitive damages” just aren’t part of the equation.
My family had a 1953 toaster that we inherited from my grandmother. I believe it was a Sunbeam, and it lasted for decades.
A few years ago, I was in the market for a toaster and was determined not to get one made in Red China. However, the only one I could find that wasn’t was one from England, and it cost $200. So I forked over $20 for the damn Chicom toaster.
I could not find Diesel fuel prices for 1958. However, gas averaged 30.4 cents/gallon in 1958 dollars.
http://www.eia.gov/totalenergy/data/annual/showtext.cfm?t=ptb0524
Plug that 30.4 cents into an inflation calculator http://www.usinflationcalculator.com/ and that was the equivalent of paying $2.39 today.
Here are the prices on a few other things from 1958.
http://www.fiftiesweb.com/pop/prices-1958.htm
Well, I have a 1950’s era tube amp powering my stereo system in my living room right now that was bought by my grandparents for a very modest amount and I can tell you that it sounds 100 times better than an iPod played through a cheap pair of headphones.
In HS we used to be able to round up pocket change for 3 or 4 guys and buy an evening's crusin' gas load.
I have my Dad’s and my own youthful Dynakit Stereo70 amps. They work well (after some capacitor upgrade/replacements) but at 190W each are room heaters.
Well, at least consider yourself fortunate that you had a yuteth because I never had one.
Yes I remember buying gas for around a quarter a gallon in the later 60s. I was making 3 bucks an hour and bought a new Chevy Nova for $2300.
When I retired in 2008 gas was 4 bucks, I was making $53/hour, and a similar small Chevy was about $20,000.
I had my fun and am more than willing to have payed the (minor) price.
There is apparently a reduced frequency response of OWG's hearing even if they didn't participate in an Artillery Battalion or heavily consume loud R&R (or both).
How many unemployment checks needed to buy the same amount? One check I would presume.
Or less. Growing old is a drag until you seriously consider the alternative.
BFL
That's a BAD thing?
There's only two kinds of plastic............
The only vivid recollection I have of gasoline prices in that era was what I paid in 1962-63; the price then was $.24 a gallon. But, during gas wars (remember them?) I could buy it for $ .19 a gallon.
Our first new car after we were married was a 1971 Datsun 510. We had to be running on fumes in order to put $3.00 worth of gas in it.
IIRC, I saw $0.17 gas in Arizona in 1966.
The USMC used to buy Jet-A “contract fuel” from the civilian airports we refueled at for $0.17 gallon in the mid 70’s. Of course, we were burning 1000 lbs per hour per engine, so it wasn’t exactly an economy helicopter!
I always knew that helicopters were not really meant to fly...
For $50/hr, I'd sign up for a some quality time/yr.
My WWII-era toaster, American made, still works. Makes lovely toast.
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