What would YOUR inflation-adjusted income really be....

[Iamme]

...compared to how things were back in say...1970. I sort of started my adult life then.

Minimum wage was$1.60 an hour. That is what I got when I worked at a woodworking company.

I am a person who has never been too much into buying all the worldly things available to us. I am a person who has lived relatively (compared to many other people) modestly, and live off more of what we call, in this modern day society, the necesssities of life.

For me there is the expense of home ownership. (For some others it's rent)
County property taxes.
Income taxes (federal and state)
5% sales tax
1/2 % county sales tax we didn't use to have.
Cable tv, we didn't use to have (basic channel/no premium channels).
A couple of vehicles.
Insurance.
Cost of phone sevice.
Electric bill
Water bill
Natural gas (home heating)
Gasoline for the vehicles.
Oil for the vehicles...and anti-freeze
Eating out for lunch (I have done that for years.)
The costs of car mechanic work.
Towing charges.
Paying for a newspaper subscription.
Paying for a couple magazine subscription.
Health insurance.
Car insurance.
Bread, milk, soda, hamburger, mac & cheese, cheese...and such items that we all buy.
Blue jeans, t-shirts, socks and underwear, and everyday shoes.







Other people need prescription drugs, that are basic to their survival, who may live modestly. Other people with kids are forced to pay school related costs, clothing and other such kid-related goods and services.

My personal list is not complete, but the lions share of MY money has gone for those things. Back then, gas was lie 39 cents a gallon. That wouild have been about 1/4 that of minimum wage. Today, gas is like 1/2 of minumum wage! Today, you don't dare have a leak in your radiator as they want like $8 a gallon for premixed!!!50/50 anti-freeze/water, when just a couple years ago I was getting 100% antifreeze for $3.50 a gallon!

I got thinking that maybe I was doing about the same, financially, on minimum wage, as how I am doing today! (Considering the suddenly inflated costs of gas and natural gas, oil and antifreeze...for starters.) And here today I am this skilled worker, with a heck of a lot more knowldege now..but may not be making any more money (inflation-adjusted) than when I was working minimum wage.

If I have some free time...or if some of you care to try to research this further, this could be quite interesting for all of us.

Then again, maybe due to China...I am wrong and a lot of what I buy today is way cheaper, relatively, than what they were back then. But..I really don't buy a lot of 'stuff', so.......

But it be neat to find out. I would have to find out the cost of all such things that I came up with in my list, to be able to figure this out.

 

[Beerina]

My personal list is not complete, but the lions share of MY money has gone for those things. Back then, gas was lie 39 cents a gallon. That wouild have been about 1/4 that of minimum wage. Today, gas is like 1/2 of minumum wage! Today, you don't dare have a leak in your radiator as they want like $8 a gallon for premixed!!!50/50 anti-freeze/water, when just a couple years ago I was getting 100% antifreeze for $3.50 a gallon!
QUOTE]


No one's telling you not to shop around or wait for sales!

I just bought 6 Mennen Speed Sticks because they were on sale for $1.97, while the new, fancy, Xtreme-style packaging ones were $3.99. I guarantee you I won't be buying those.

And no one says you have to buy the $8/lb. or more turkey lunchmeat. Look for bread for 97 cents a loaf on sale. Chicken pot pies are cheap and tasty.

 

[CBL4]

With exception of health and energy things have gotten cheaper. Since energy prices are cyclical, five years ago we could have eliminated energy. Our health care is so better it is absurd. Look at the various diseases (e.g. cancer) that have cures or at least symptom reduction. Life expectancy climbed from 70.8 to 77.3 between 1970 and 2002.
http://www.infoplease.com/ipa/A0005148.html

So many things have gotten so much cheaper it is ridiculous. 35 years ago a 19 inch TV was a luxury, now they are considered pieces of junk. Computers, cell phones, cable TV, microwaves, iPods, internet were unknown. Cars were considered reliable if they made it 100,000 miles. People made their own food instead of going to restaurants. Houses are about twice the size.

I am an upper middle class American and I have nothing that is worth stealing. I have virtually nothing in my house that is worth more than $200 on Ebay. My TV, stereo, DVD player, VCR, computer, camera, furniture, etc are nice but they were cheap to buy and no one really wants them used. The only exception is some old radios that I collect.

If you want to go back to 1970, I suggest you:
1) Live in a small house with crappy appliances and no insulations.
2) Buy a car that got 10 miles to the gallon, broke down all the time and was ridiculously unsafe by today's standards.
3) Give up all your electronics.
4) Give up half your medical care and last 7 years of your life.
5) Prepare your food from the extremely limited choices that were available then.
6) Give up restaurants.
7) Find a nice polluted city to live with much dirtier water in the local river.

Or you can quit your whining and appreciate all the miracles of modern technology.

CBL