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Do your own buying-power comparisons rather than accept 'official figures'. Gold in 1963 was $35 an ounce, what is it today? You could buy a new Rolex Oyster
by simonblack 3y ago
Do your own buying-power comparisons rather than accept 'official figures'.
Gold in 1963 was $35 an ounce, what is it today?
You could buy a new Rolex Oyster in 1970-odd for $210. What does one cost today?
Also compare car and/or house prices of 1960-odd and today.
That 'ten' is nowhere near where it should be.
In the 60s, a blue-collar production worker could afford a good house, a good car, a good holiday every year and could afford to have his non-working wife looking after the kids at home. Today many people have both husband and wife working and still can't make ends meet.
- maxerickson 3y agoAh yes, the cost of a high end item that technological change turned into a pure status signalling luxury item. Housing and vehicles have certainly increased in cost. Housing is a policy failure, and vehicles are a mixed bag. There are policy choices in vehicles (many required emissions and safety systems), and the reliability, performance and durability has changed dramatically. So the price is higher, but value hasn't stayed the same at all.
- throwaway5959 3y agoI wonder if people compare like to like housing when they compare price. Homes have more than doubled in size and have way more features than they did in the 50s.