Here's 50cents. I'll have the chicken w/gravy. Keep the change.
When we try to pick out anything by itself, we find it hitched to everything else in the Universe.
~ John Muir
"We detect no appreciable inflation in the economy."
When ever you see a post like this, you never see the prechter deflationists comment. They do not understand the concept of purchasing power.
What menu would put that today?
This is great - thank you.
The "FRN" price of a silver dollar (being 371.25 grains, or .7734375 ounces) is thus 18.76 FRNs for 2013 to date.
That would mean those prices would translate to:
Enchiladas with chile $0.42 ≈ 7.88
Mexican Style Cole Slaw $0.10 ≈ 1.88
49er Special $0.49 ≈ 9.19
Gourmet Special $0.59 ≈ 11.07
1/4 Chicken $0.45 ≈ 8.44
Beef Swiss Steak $0.69 ≈ 12.95
Jumbo Fried Shrimp $0.79 ≈ 14.82
Creamed Cauliflower $0.15 ≈ 2.81
Homestyle Coconut Meringue Pie $0.13 ≈ 2.44
Deluxe Mexican Dinner $0.59 ≈ 11.07
Deluxe Seafood Platter $0.89 ≈ 16.70
Creole Shrimp with rice $0.59 ≈ 11.07
To be sure, most of those prices are about 10-20% on the low side, so this menu would still be cheaper than what you could buy today but I would think that our massively bloated government is sucking up the difference. Though taxation was certainly not "light" in the 50s the overall impact of government on the cost of business was not nearly as high as it is today.
It would be interesting if someone quantified that factor for such comparisons.
*as an additional consideration, many restaurant plates contain much more food than they used to. So it's possible if we knew the portion sizes, these prices might be even closer to present day than the above illustrates.
According to coinflation the following 1963 coins have the following dollar amount of silver in them at today's prices:
Half dollar $7.23
So with those coins you could still buy the food on the menu for about the prices listed. Keep in mind the silver price today is about as low as it has been this year
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but they are otherwise a good tool.
In short, what you suggest is exactly what I did, though I used the original whole-dollar definition instead of the bastardized 1877 standard for subsidiary coinage.
I also used the year to date average price of silver, not just the current price as coinflation does. Since we're not comparing an exact known instant in history to an exact time today, yearly, or near yearly averages are probably more representative than instant spot.
Instead, banks allow unrealistic lending and extended credit, people spend well beyond their means, inflation destroys the value of the dollar and the ridiculous cycle of FED induced bubbles ruins it for those who are frugal and are financially responsible.
even though banks allow the extended credit does not mean one must accept the extended credit.
Several years ago my husband and I needed an equity loan - short term - the loan officer kept pushing us to take out more money because (when they used to compare your earnings to your monthly payments) he insisted we could afford it.
We said, "No thanks, we don't need it." He finally shut up.
Predatory loans are evil but the people agreeing to take them are either simple-minded or blinded by materialism.
Just say "No".
The law cannot make a wicked person virtuous…God’s grace alone can accomplish such a thing.
Ron Paul - The Revolution
Setting a good example is a far better way to spread ideals than through force of arms. Ron Paul
*Wisconsin Constitution* Article I, Section 25 "The people have the right to keep and bear arms for security,defense,hunting,recreation or any other law-abiding purpose"
Cost of a new home: $19,300.00
Cost of a first-class stamp: $0.04 ($0.05 as of 1/7/63)
Cost of a gallon of regular gas: $0.30
Cost of a dozen eggs: $0.55
Cost of a gallon of Milk: $0.49
When I was a kid, my mom stayed home. She baked, cleaned the house, did the laundry, and had a small garden. My dad made a whopping $100 a week. He bought our small 2 bedroom house (no indoor bathroom) for $4000. He added on a porch, storage area and a bathroom.
We would go for groceries Saturday afternoon when he got off work and was paid. I can never remember him ever paying over $15 for a weeks groceries. We ate very well. We always had a big roast or ham on Sunday. My dad had a pickup and a car and my mom had a car. We weren't rich by any means but we never did without. Today you can't go into a grocery store without spending at least $100 and then you get home and still don't have much.
I do indeed miss those days.
Then we have the "good new days"! Ron Paul! Voters fighting back! Obamacare faltering! Bitcoin in response to central banking corruption!
Hey, maybe there is some good left in this world.
Created out of thin air- no improvement there