[knittingwoman]

This website is from the Minneapolis Fed. You can punch in whatever amount in whatever year you are curious about. For example, compare the dollar amount you paid for the first house you bought to the same dollar amount paid today.

Inflation Calculator | Federal Reserve Bank of Minneapolis

What’s a dollar worth? How far does a past dollar stretch to equal the modern dollar? What would past prices be today?

www.minneapolisfed.org

 

[margiedel]

Thank you for posting.

 

[knittingwoman]

Thanks to Admin for moving this post to the correct spot, General ChitChat.

 

[ilv2crochet]

Wow, that is enlightening!

 

[NonzNitZen]

This website is from the Minneapolis Fed. You can punch in whatever amount in whatever year you are curious about. For example, compare the dollar amount you paid for the first house you bought to the same dollar amount paid today.

Inflation Calculator | Federal Reserve Bank of Minneapolis

What’s a dollar worth? How far does a past dollar stretch to equal the modern dollar? What would past prices be today?

www.minneapolisfed.org

Let's try blaming all this inflation on that man from Russia ...... seems to work for the liar in chief!

 

[tobo11]

I think that corporations are partly responsible for inflation. Greedy, greedy, greedy.

 

[no1girl]

when I started my first job, in a department store my wage for 5 1/2 days was the equiv. of $3.25 per week a cup of coffee costs more than that now.................

 

[Grisby]

I think that corporations are partly responsible for inflation. Greedy, greedy, greedy.

For those who don't know , it is simple to find the answer. Inflation is caused when the money supply grows at a faster rate than goods and services. The government alone is fully responsible for creating inflation.

 

[tobo11]

For those who don't know , it is simple to find the answer. Inflation is caused when the money supply grows at a faster rate than goods and services. The government alone is fully responsible for creating inflation.

I do understand what you say but that is also a simple answer. Inflation today is the result of a number of issues.

 

[run4fittness]

I can remember working for less than 50 cents an hour! You had to rely on your tips for just about everything.

 

[knittingwoman]

Babysitting in the U.S. paid $ .35 an hour when I first started but by 1954 it raised to $.50 an hour. In Scotland, in 1954, coal miners were paid $.50 an hour, according to my Uncle Jimmy who was a coal miner in Ayr, Scotland. He was incredulous at my fifty cents for baby-sitting and soon moved with his family to the U.S.
Using the chart, $.50 in 1954 is $5.48 in 2022.

 

[janielha]

Very interesting! Thanks for sharing the link.

 

[Grisby]

I do understand what you say but that is also a simple answer. Inflation today is the result of a number of issues.

Have you ever opened a book on economics ? I’m sorry but it is as simple as that.
You may choose not to believe it.

Presidents hand out money right and left to please their constituents- remember all those checks post-pandemic? There you have it.

Check out: inflation on Wikipedia. They explain it well. 😉

 

[kaypriest]

I think that corporations are partly responsible for inflation. Greedy, greedy, greedy.

I'm not an economist but your theory would assume that corporations have no increase in the cost of their products, wages, expenses, they just raise prices out of greed. Sorry, but that defies common sense.

 

[knittingwoman]

As someone suggested, I looked at the Wikipedia explanation of inflation. Inflation is certainly not simple. If I were to print the entire article it would be 32 pages long.

 

[talulakat]

For those who don't know , it is simple to find the answer. Inflation is caused when the money supply grows at a faster rate than goods and services. The government alone is fully responsible for creating inflation.

How about the corporations who are having record setting profits. They raised prices when the supply chain problems caused scarcity and then as that eased prices did not come necessarily come back down accordingly or at all. There is a war going on in one of the worlds most important bread basket. In order to try and keep the world out of WWIII causing Russia, Iran, N Korea, etc economic pain by sanctioning them, causing pain more for some than others. Climate change or if you don't believe in climate change ....really bad historic drought, really bad historic snow storms, really bad historic tornadoes, really bad historic hurricanes, all contributing to crops being destroyed, supply chain problems due to disrupted transportation. How about the banks, practically throwing money at people and people demanding bigger and bigger things so they need more and more money. And then there's the got to win at all costs so bidding wars on real estate become the new game. We've been there many times before and vow to reign in the banks and regulations are passed only to be later rescinded because the banks whine and give money to congress to get what they want. Yes the government has it's hand in it too, but blanket statements such as "the government alone" rarely are true . We as a society are also responsible as the idiots in congress keep getting reelected.

 

[seamer45]

This website is from the Minneapolis Fed. You can punch in whatever amount in whatever year you are curious about. For example, compare the dollar amount you paid for the first house you bought to the same dollar amount paid today.

Inflation Calculator | Federal Reserve Bank of Minneapolis

What’s a dollar worth? How far does a past dollar stretch to equal the modern dollar? What would past prices be today?

www.minneapolisfed.org

And again I ask, what was your paycheck like then? My husband likes to tell me how his did the shopping and would come home with 2 paper bags full of food for aroun $5. And I remember that being my parents exoerience. The reality is, they were bringing home maybe $100 a week or less. I remeber has at 24 cents a gallon, I made $222 a month. Whixh was good for a first job right out of high school in 1963. When my brother was born in 1956 the hospital bill, I have the original, was $49. The doctor was $40. So it’s all relative.

 

[flpat]

Definitely all relative. I worked for 68 cents an hour and was delighted to get that. (In an office writing government contracts). Gas was 25cents a gallon so I could purchase two and a bit gallons of gas with my princely salary....by the way, there was rampant inflation in the 1950s and many people were struggling to pay for those $8-10,000 homes. From our perspective it sounds cheap, but relation to the salaries it was not.

 

[tobo11]

I'm not an economist but your theory would assume that corporations have no increase in the cost of their products, wages, expenses, they just raise prices out of greed. Sorry, but that defies common sense.

Not when you look at wages for the past decade or more. Salaries for big wigs have soared but haven't for the average person. I do realize that prices go up for raw materials and goods but I think they put amount of profits first and yes some corporations are greedy. The cable companies are among the worst and the consumer doesn't get any choices. It's all decided by the company.

 

[Grannie Sandy]

Thank you for posting this. A first-class stamp cost $0.54 in today's money. That's not much difference than the $0.65 today.