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Inflation 

By: Decomposed in 6TH POPE | Recommend this post (3)
Wed, 14 Dec 22 11:26 PM | 46 view(s)
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I just got off the phone with a close friend. In 1970, he started working for the U.S. government at a GS-7 Step 3's salary of $10,400. Today, a GS-7 Step 3 earns $41,069.

I happened to remember that in mid-1970, my family's landlord offered to let us buy for $19,000 the 4 bedroom house we were renting. Today, Zillow says that same house would sell for $419,800. What this means is that in 1970, A GS-7 Step 3 could have bought that house for about 1.8 times his annual salary. Today's GS-7 Step 3 could buy it for 10.2 times his annual salary.

That's what inflation has done to the country. It also shows why a single working parent could support a family back then, but two working parents often cannot today.




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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months




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