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Re: My Wife’s Jewelry Is Getting Really Expensive!
Posted: Sat Jul 25, 2020 1:36 pm
by stuper1
I was talking to my 84-year-old mother last night. She said that when she was in college, she used to clean houses at $1 per hour to make money. We started wondering how much $1 back then is worth today. We calculated that at an average inflation rate of 3%, $1 in the 1950s should be worth about $8 today. However, house cleaners today are making much more than $8 per hour. Which makes me think that the inflation rate is a lot more than 3%.
Re: My Wife’s Jewelry Is Getting Really Expensive!
Posted: Sat Jul 25, 2020 2:13 pm
by mathjak107
stuper1 wrote: ↑Sat Jul 25, 2020 1:36 pm
I was talking to my 84-year-old mother last night. She said that when she was in college, she used to clean houses at $1 per hour to make money. We started wondering how much $1 back then is worth today. We calculated that at an average inflation rate of 3%, $1 in the 1950s should be worth about $8 today. However, house cleaners today are making much more than $8 per hour. Which makes me think that the inflation rate is a lot more than 3%.
You can’t compare what job markets value jobs at to inflation.... Some jobs based on demand will earn many times the rate of inflation while others if it wasn’t for minimum wage laws would earn very little .
Markets value that which we can’t or won’t do for ourselves far more than that which any of us can do
Re: My Wife’s Jewelry Is Getting Really Expensive!
Posted: Sat Jul 25, 2020 2:40 pm
by vnatale
stuper1 wrote: ↑Sat Jul 25, 2020 1:36 pm
I was talking to my 84-year-old mother last night. She said that when she was in college, she used to clean houses at $1 per hour to make money. We started wondering how much $1 back then is worth today. We calculated that at an average inflation rate of 3%, $1 in the 1950s should be worth about $8 today. However, house cleaners today are making much more than $8 per hour. Which makes me think that the inflation rate is a lot more than 3%.
From here...
https://www.usinflationcalculator.com/
...and using 1956...you were close...$9.48 her hour.
Vinny
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Re: My Wife’s Jewelry Is Getting Really Expensive!
Posted: Sat Jul 25, 2020 2:48 pm
by vnatale
And, if it WAS 1956 she was earning exactly minimum wage.
Vinny
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