Sunday, May 10, 2009

Compare Yesterday and Today's Salaries, Prices, Costs...

Use this inflation calculator to see how much something in yesterday's dollars is worth in today's dollars. Or, see how much something in today's dollars would have cost in yesterday's dollars. This is a great tool to begin conversations about inflation and how the cost of living has changed over time. Keep in mind, these numbers are national averages and do not reflect local conditions. For instance, a brownstone house in Hoboken that was bought in 1972 for $18,000 cost the same as $92,071.53 in 2009...even through the value of the item has increased substantially more due to other local factors. The minimum wage in 1938 was $.25 an hour, the same as $3.65 in today's dollar. By mid 2009, the actual minimum wage will be $7.25 per hour. Charts and trend lines like these are part of the skills and problem solving tasks that makes use of what is referred to as "cognitive tools", tools that help us think harder about deep disciplinary knowledge though the use of tools (online calculators, graphs, trend lines, etc...). -Dr. Petrosino

Picture: Minimum wage and real purchase power over time.

1 comment:

Nikola said...

It is hard to compare prices of cars or houses, for example, in 1952. and 2017. They are called cars and have prices, but the quality is not the same. Salaries and cost of living has changed over time, but quality of goods too.