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Inflation calculator
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Aug 21, 2020 22:16:20   #
tjw47 Loc: Michigan
 
In todays dollars it cost around $80,000
In 1980's dollars it would of cost $24,000

Inflation was not the reason for the $1,000,000 sale price.

They picked a really good area to buy a house.

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Aug 21, 2020 22:19:13   #
rehess Loc: South Bend, Indiana, USA
 
JRiepe wrote:
In the 50's people were content to live simpler lives because many had no other choice. The things we take for granted would have been luxuries for them. One of the reasons households have two incomes is because we want more. Perhaps many households would do fine on one income if they lived like a typical 50's household in a smaller house with one bathroom, no central air, one car, no cell phones, no computers, no internet service, no cable TV, etc., etc., etc. So maybe two incomes is because we want more and expect more as opposed to it being a real necessity.
In the 50's people were content to live simpler li... (show quote)

One of the reasons families have two incomes now is that it often takes two incomes to survive these days.

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Aug 21, 2020 22:35:51   #
JRiepe Loc: Southern Illinois
 
rehess wrote:
One of the reasons families have two incomes now is that it often takes two incomes to survive these days.


That's true in many cases but not in every case. Naturally we don't want to give up what we consider necessities which in the 50's would have been considered luxuries. I grew up in a house that had no indoor plumbing, no central air, a wood burning stove, no phones until I was in high school, and no electricity until I was five. It takes more money now because we demand more and all those demands cost

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Aug 22, 2020 07:07:36   #
Architect1776 Loc: In my mind
 
JRiepe wrote:
In the 50's people were content to live simpler lives because many had no other choice. The things we take for granted would have been luxuries for them. One of the reasons households have two incomes is because we want more. Perhaps many households would do fine on one income if they lived like a typical 50's household in a smaller house with one bathroom, no central air, one car, no cell phones, no computers, no internet service, no cable TV, etc., etc., etc. So maybe two incomes is because we want more and expect more as opposed to it being a real necessity.
In the 50's people were content to live simpler li... (show quote)


That is inflation of wants.

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Aug 22, 2020 07:26:00   #
cdayton
 
Architect1776 wrote:
Yes I am.
Home ownership was far more accessible in the 50's.
Households by and large got by just fine on one income.
Now people struggle with 2 incomes to make ends meet.
How do you explain this phenomenon of two incomes vs one income to make ends meet.
Personal observation made this clear.
The breaking point was Jimmy Carter and the hyper inflation under his horrible presidency. Things like food went up like the Weimar Republic. I was lucky to be in the service but friends were devastated by the indlation and it never balanced back. Two incomes have been required ever since.
Yes I am. br Home ownership was far more accessib... (show quote)

The US inflation rate has been very low for 20 years but the national debt has gone from about 50% of GDP to over 130% of GDP today (from 99 to 136 under present administration). The chickens will come home to roost.

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Aug 22, 2020 07:43:36   #
Architect1776 Loc: In my mind
 
cdayton wrote:
The US inflation rate has been very low for 20 years but the national debt has gone from about 50% of GDP to over 130% of GDP today (from 99 to 136 under present administration). The chickens will come home to roost.


Farakan must be a hero to you.

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Aug 22, 2020 08:26:31   #
cdayton
 
Architect1776 wrote:
Farakan must be a hero to you.

I have no idea what insult you intend to convey. The national debt has ballooned under both party administrations. I was just stating a fact - does that bother you?

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Aug 22, 2020 08:32:45   #
dpullum Loc: Tampa Florida
 
When I told student that I made $2 an hour they laughed and retorted how much they made at McD's. I then said that hamburgers were 25 cents, gasoline 25 cents a gallon and a new Chevie was $2,000.

The calculator you presented is depressing.

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Aug 22, 2020 08:53:29   #
Longshadow Loc: Audubon, PA, United States
 
Architect1776 wrote:
That is inflation of wants.


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Aug 22, 2020 08:53:33   #
wireloose
 
Inflation under Carter peaked at 13.3% in 1979, the highest since 1946 when it was 18.1%. In Weimar A loaf of bread that cost 160 marks at the start of 1923 cost 200 billion marks at the end. Money that would buy a farm at the start of the year would not buy a cup of coffee at the end of it. I don’t think those are remotely comparable.

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Aug 22, 2020 08:56:40   #
St.Mary's
 
Wait until the current national debt of 30 to 40 trillion dollars hits the economy. U.S. government in effect is just printing money to "pay" for all these current handouts. Germany's post WWI economy and Venezuela's current economy will seem like a cake walk. It will pass and we will survive, but fasten your seat belt it will be a bumpy ride the next few years.

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Aug 22, 2020 09:04:24   #
Manglesphoto Loc: 70 miles south of St.Louis
 
JRiepe wrote:
In the 50's people were content to live simpler lives because many had no other choice. The things we take for granted would have been luxuries for them. One of the reasons households have two incomes is because we want more. Perhaps many households would do fine on one income if they lived like a typical 50's household in a smaller house with one bathroom, no central air, one car, no cell phones, no computers, no internet service, no cable TV, etc., etc., etc. So maybe two incomes is because we want more and expect more as opposed to it being a real necessity.
In the 50's people were content to live simpler li... (show quote)


Bingo!!!
You stated the min wage in 1952 at $.75 hour Hum , In 1955 Min. wage here in Missouri was $.55 hr, by 1956 I made more money at $1.00 plus a meal per shift, as a carhop, Tips running from $5.00 - $15.00 per shift.
I didn't see $.75 until 1959 . I was lucky!! I always made above min wage.
The best thing was I had no debts, Until I got married and started raising a family, we always paid cash for our cars, usually $100 or less and I would keep them running until it just got to be to undependable and to much work.
Today I have no debt!!! I live within my means on much less than I was making when I retired. And if and when this Covid crap is over I'm going to enjoy live much more.

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Aug 22, 2020 09:42:17   #
buckbrush Loc: Texas then Southwest Oregon
 
JRiepe wrote:
The minimum wage in 1952 was 75 cents per hour.


I sure wish that was true but I was paid 50 cents an hour in 1955 working at a Pizza place in Mt. Prospect, ILL.
Do you think I can sue them for the difference???

Boy, with inflation, wouldn't I be a rich fella today???
Only kidding!!!

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Aug 22, 2020 09:44:13   #
JRiepe Loc: Southern Illinois
 
Manglesphoto wrote:
Bingo!!!
You stated the min wage in 1952 at $.75 hour Hum , In 1955 Min. wage here in Missouri was $.55 hr, by 1956 I made more money at $1.00 plus a meal per shift, as a carhop, Tips running from $5.00 - $15.00 per shift.
I didn't see $.75 until 1959 . I was lucky!! I always made above min wage.
The best thing was I had no debts, Until I got married and started raising a family, we always paid cash for our cars, usually $100 or less and I would keep them running until it just got to be to undependable and to much work.
Today I have no debt!!! I live within my means on much less than I was making when I retired. And if and when this Covid crap is over I'm going to enjoy live much more.
Bingo!!! br You stated the min wage in 1952 at $.7... (show quote)


What I find shocking is the inability or either lack of desire of people to manage their money. I retired at age 55 with this being my 20th year of retirement. Inflation is one thing that must be considered when retiring early especially since I get no cost of living increases on my company pension. But I live a simple life and have no debt except for normal living expenses. I'm more of a saver than a spender and still manage to put away $1,000 monthly into online savings accounts. The biggest problem with many is the desire to live beyond their means. Many others who made three to four times more than me will end up filing bankruptcy.

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Aug 22, 2020 09:49:49   #
JRiepe Loc: Southern Illinois
 
buckbrush wrote:
I sure wish that was true but I was paid 50 cents an hour in 1955 working at a Pizza place in Mt. Prospect, ILL.
Do you think I can sue them for the difference???

Boy, with inflation, wouldn't I be a rich fella today???
Only kidding!!!


When I asked google for the minimum wage for 1952 evidently he lied.

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