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To: DannyTN
What did that $750.00 buy?
It's not the amount its what it can buy.
Basic question.
How much did it cost in Morris County, New Jersey?
a survey of retail prices advertised in the Daily Record, October 1-15, 1900

Clothing
Hat, Men's, Fine Felt Alpines, .48/each
Hat, Women's, French felt, untrimmed, .35/each
Men's coat, top coat, 6.98/each
Men's shirt, Eighmie, White, 1.00-2.00/each
Men's suspenders, “President” brand, .50/pair
Men's suit, worsted, 7.00-16.00/each
Men's underwear, blue ribbed, 1.00/suit
Same place in 1940 Check the prices. Almost the same for some iGirl’s dress, cotton, 1.55-1.98/each
Girl's skirt, wool, 1.59-2.39 Girl's snow suit, wool, 2 pieces, 4.85-5.98/each
Girl's white pinafore, .79-1.00/each
Men's flannel shirt, .98/each
Men's hat, 1.00-4.95/each
Men's hunting boots, leather, 2.98/pair
Men's jacket, suede, 6.50/each
Men's suit, tweed, 25.00/each
Women's coat, rain, 1.79/each
Women's dress, wool, 3.98/each
Women's jacket, “mannish” style, 2.98/each
Women's skirt, wool flannel, pleated front, 5.98/each
Women's stockings, Berkshire, .79/pairtems. Where is the huge inflation, price swings etc?

I have to lecture my students all the time on this simple point. Growing up in the 60’s the min. wage was $1.60. Gas was .23 per gallon etc. I have low six figure income now. I drive a 1999 van. The money is worthless.

43 posted on 03/04/2011 11:44:49 AM PST by prof.h.mandingo
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To: prof.h.mandingo
It's not the amount its what it can buy.

It's both the amount and what it can buy, and you should be lecturing your students that way.

"Growing up in the 60’s the min. wage was $1.60. Gas was .23 per gallon etc. I have low six figure income now. I drive a 1999 van. The money is worthless."

So in the 60's, you could afford 6.95 gallons for every hour you worked.

Now you make at least $100,000, which is equal to $50/hour and at today's price of $3.50/gallon, you can afford 14 gallons for every hour you worked.

You're making a lot more gallons per hour than you were in the 60's, so a low level of inflation over 50 years has not stopped economic progress.

45 posted on 03/04/2011 12:13:42 PM PST by DannyTN
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