We've published charts several times in the past, detailing how the buying power of the US dollar has declined over the course of the past hundred years or so. Visual Capitalist has just published the newest such graphic, which I recommend to you - it's worth viewing, and thinking about.
What struck me was this inset showing the buying power of the dollar in terms of candy and other consumables, over the years. I've snipped it as a screenshot to make it easier to read.
Now that's a graphic illustration of what our money is currently (not) worth!
Peter
6 comments:
In 1964 the minimum wage was $1.25. Today, five 1964 quarters would have a melt value of about $55.25.
-Texas Mike
Brother, can you spare a dime? :)
My poor statistics prof would be rolling in his grave. If you start with Hershey bars, you you stay with Hershey bars. A 30-1 reduction in buying power is stark enough.
I was going to say the same thing. You need to track the cost of a specific item over time, which is difficult because of things like "shrinkflation." A common one is a can of Campbell's tomato soup because it's size and contents have remained the same since it was introduced in 1898.
https://politicalcalculations.blogspot.com/2023/01/the-price-history-of-campbells-tomato.html
Notice how the price pretty much stayed the same until Nixon debased the U.S. dollar... There... THERE is our problem, people...
Can you spare a dime, especially a silver one??? A dollar 'might' buy you 1/4 of a Hershey bar today.
The various media always report rising prices. Perhaps reporting on the dollar's diminishing actual value against a 1964 baseline would be more honest.
"The dollar lost X% of it's value this week, now being worth 21 cents in 1964 money."
JWM
JWM
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