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Category: Misc
Date: 10/05/13 03:35 PM

28 Responses to In 1962 [Pic]

  1. Profile photo of SweepOfDeath
    SweepOfDeath Male 18-29
    938 posts
    October 5, 2013 at 3:37 pm
    Link: In 1962 - Mmmmm inflation.
  2. Profile photo of h2oxy
    h2oxy Male 18-29
    306 posts
    October 5, 2013 at 3:47 pm
    What am I looking at here?
  3. Profile photo of Andrew155
    Andrew155 Male 18-29
    2579 posts
    October 5, 2013 at 4:43 pm
    Ah yes, Keynesian Economics. Supposedly, devaluing the currency every single year is supposed to be necessary for prosperity. LOL.
  4. Profile photo of BritInvasion
    BritInvasion Male 18-29
    311 posts
    October 5, 2013 at 4:53 pm
    I`m not sure H2oxy, but I think its the 1962 cost of living.
  5. Profile photo of LemonCurry
    LemonCurry Male 40-49
    1106 posts
    October 5, 2013 at 6:50 pm
    just to provide some context, the world in 1962

    (no. 9 dazzles me ... i need to get a chandelier for my home i think)
  6. Profile photo of OldOllie
    OldOllie Male 60-69
    15844 posts
    October 5, 2013 at 8:11 pm
    What am I looking at here?
    Just multiply times 10.
  7. Profile photo of Ultimated
    Ultimated Male 13-17
    147 posts
    October 5, 2013 at 9:33 pm
    40 cents for a post stamp must`ve been expensive back then.
  8. Profile photo of draino123
    draino123 Male 30-39
    769 posts
    October 5, 2013 at 10:36 pm
    looks like i need to quit bitching about milk prices
  9. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    October 5, 2013 at 10:47 pm
    Ollie: "Just multiply times 10."

    Not for everything. Food prices haven`t inflated as much as everything else.

    Milk is $3.50 a gal, Bread $1.60 a loaf, Ground Beef $3.50 a lb. Inflation has been even across the board.

    Another example, You couldn`t get into Harvard with only $15,200 a year, it`s closer to $50,000 a year now. And good luck trying to find gasoline at $2.70 a gallon.
  10. Profile photo of onoffonoffon
    onoffonoffon Male 30-39
    2310 posts
    October 5, 2013 at 11:07 pm
    BTW inflation is brought to you by your government.
  11. Profile photo of gymcoach29
    gymcoach29 Male 30-39
    363 posts
    October 6, 2013 at 12:00 am
    Ultimated, nice call, someone gets math...
  12. Profile photo of mykunter
    mykunter Male 40-49
    2424 posts
    October 6, 2013 at 2:55 am
    No wireless phone bill
    No cable/satellite bill
    No internet bill
    No Netflix bill
    No Xbox live/Playstation network bill
    Ground coffee? What the hell is that? I`mma go to Starbucks...
  13. Profile photo of Rodin
    Rodin Male 30-39
    692 posts
    October 6, 2013 at 4:50 am
    Tuition and incidental fees for international students at Canada`s top universities is around $15,000 a year. Come on up -- we would love to have you.
  14. Profile photo of tedgp
    tedgp Male 30-39
    3287 posts
    October 6, 2013 at 5:58 am
    Inflation is caused by one thing and one thing alone. Greed. NOTHING ever costs more. It always remains the same. The problem is greedy people charge more for it and then try and bluff their way to an excuse for doing so.
  15. Profile photo of AntEconomist
    AntEconomist Male 40-49
    339 posts
    October 6, 2013 at 7:42 am
    tedgp: Inflation is caused by one thing and one thing alone: an increase in the ratio of the money supply to the quantity of goods and services produced.
  16. Profile photo of 5Cats
    5Cats Male 50-59
    31771 posts
    October 6, 2013 at 8:50 am
    @tedgp: GREED??? LMAO! ZOMG! Oh boy oh boy! Oh wait... you`re serious? :-/

    @AntEconomist: YOU are correct! :-)
  17. Profile photo of xavroche
    xavroche Male 30-39
    819 posts
    October 6, 2013 at 9:28 am
    @AntEconomist:Thanks Milton Friedman... even though this simplistic view has been shown to be inaccurate over the last 2Oish years.

    I don`t know why everyone is getting so caught up on inflation. Inflation isn`t the devil and you`d be hard pressed to find a credible economist who doesn`t favor limited inflation.
    The only thing that really matters her is the evolution in purchasing power. And to be honest based on these numbers it hasn`t really evolved all that much. The median salary is currently around 51k. Yes that means that the relative price of gas has gone up by around 30%, and that Harvard has tripled or quadrupled (that`s the most shocking imho), but other than that the price of most of the items listed doesn`t really seem to have gone up in relative terms.
    Of course, that doesn`t take into account wealth distribution, which I suspect has gone downhill since 1962, but given these figures alone, there isn`t anything very shocking...
  18. Profile photo of xavroche
    xavroche Male 30-39
    819 posts
    October 6, 2013 at 9:35 am
    Also wanted to add, but ran out of chars:
    Given that if these figures are accurate our purchasing power hasn`t really decreased, why do we feel poorer today?
    I mentioned wealth distribution, and someone mentioned costs associated with new technologies (internet cell phone etc). These are factors, but I would argue that another important factor is that we have gotten into the bad habit of buying everything on credit and wasting huge amounts of money on interest payments. I`d be curious to see how much the average american spends on interest on car payments, mortgages, school loans etc as opposed to what we spent in 1962....
  19. Profile photo of puppies04
    puppies04 Male 18-29
    686 posts
    October 6, 2013 at 9:37 am
    So in 1962 the "average" American could afford to buy a new house, new car and send a kid to university every single year..... yeah ok.
  20. Profile photo of Andrew155
    Andrew155 Male 18-29
    2579 posts
    October 6, 2013 at 9:53 am
    Inflation is the boogeyman it`s made out to be, and many economists do embrace it. They want annual inflation, annual devaluation of the currency, forever. Interestingly enough, ever since the modern era of US inflation began in the late 60`s, US middle and lower incomes have ceased to grow.

    The worst part about it is that it completely discourages savings. Fewer will save money if 1, 2, 3 or more percent put their money gets wiped out every year. Without any savings, economic disasters become difficult. All true recoveries are not built on debt (like today), but rather savings. Inflationary policies destroy savings.

    It`s also another piece of the pie to the great modern era of Bubble Economics. Inflation, Monetary Easing, Zero Interest Rate Policy. Great stuff. And then you wonder why things get valued wrongly and crash!
  21. Profile photo of Andrew155
    Andrew155 Male 18-29
    2579 posts
    October 6, 2013 at 9:56 am
    puppies, this doesn`t say that. Look at it again.
  22. Profile photo of tedgp
    tedgp Male 30-39
    3287 posts
    October 6, 2013 at 11:54 am
    @5cats. Nothing changes in the world. Again, the only greed causes inflation. Look over the history of mankind. The biggest inflation period in human history is from the 50`s to now. Creating food, everyday items hasnt changed much at all. It still takes the same materials and skill.

    The only people who say inflation isnt caused by greed/profiteering etc are those who are causing it.
  23. Profile photo of 5Cats
    5Cats Male 50-59
    31771 posts
    October 6, 2013 at 3:02 pm
    ...Inflation isn`t the devil...

    @xavroche: LOLZ! Says someone who wasn`t even BORN in the 70`s!

    You`ve never paid 13% + on your mortgage or loans! Trust me? It`s no fun. Go look up the payment differences between current rates (say, 5%) and hyper-inflation rates (say, 15%) and you`ll see the Devil.
    Also the difference between a 20K mortgage and a 200K typical house mortgage...

    ...why do we feel poorer today?

    Because a LOT more of our income is chewed up by taxes! That`s why! The hidden taxes that drive up gas & heating prices? They inflate ALL other prices too.

    @tedgp: Then WHY do the left-libs claim the "rich are getting richer" in these days of SUPER-LOW inflation??? OWS?
    Your bucket carries no water, pal.
  24. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    October 6, 2013 at 3:18 pm
    tedgp: Inflation has more to do with over taxation and increasing money supply than anything corporations do.

    "Creating food, everyday items hasnt changed much at all. It still takes the same materials and skill."

    Oh how wrong you are there. We create much more food on less acreage than we did then, we have better materials, computers, robots and completely different job skills, requiring college education.
  25. Profile photo of dirtysteve00
    dirtysteve00 Male 30-39
    373 posts
    October 6, 2013 at 5:58 pm
    Crakr

    Inflation is one of the most complicated discussions, and not something you can boil down into your favourite talking points.
  26. Profile photo of carmium
    carmium Female 50-59
    6381 posts
    October 6, 2013 at 6:53 pm
    I was around then, but didn`t go shopping. I *am* old enough to remember 5- and 10-cent candy bars and filling my first car from empty for $5.
  27. Profile photo of CrakrJak
    CrakrJak Male 40-49
    17515 posts
    October 7, 2013 at 5:35 am
    dirtysteve: I didn`t take it into political "talking points", tedgp did and then I corrected him.
  28. Profile photo of kvetcher
    kvetcher Male 50-59
    213 posts
    October 7, 2013 at 12:09 pm
    Interesting.Here`s an English perspective from the next year. In 1963, my father bought a new Rover 3-litre car for £2,999, and he and my mother took out a mortgage to buy a three-bed pre-war semi in suburban London for £2,850.
    50 years on, the house would be worth £ 300,000 - the equivalent car maybe £35-40,000.

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