THEOFONE wrote: The Consumer Price Index was re-vamped in 1967 with that year > having a value of 1. In the following 30 years, this figure has risen to > between 6.75 to 7.2. > What this means is that what you paid $1 for in 1967 will cost you $7 in > 1997!!!!!!! That's the problem with statistics--you can make them say anything. I believe the CPI is based on a given group of consumer items, mostly foodstuffs and other things that get used up. Compare the first electronic calculators from about 1970 (around $150) which did your basic 4 functions to the same thing today--they give them away with magazine subscriptions, and they would cost about 4.95 if anyone sold them. How about a watch that was accurate to 1 second/day? In Canadian dollars, worth about $.68 US, today, such a watch might cost $30. In 1967 it would have cost $1000 (and the Canadian dollar was worth $1.07) My father made about 14,000/year in 67, and was pretty well paid as a major in the armed forces. Our house was worth about 25,000, and it was a 3 bedroom bungalow. Our 66 Chevy Biscayne cost 2400. An equivalent car today would cost about 10x as much in Canada, and an equivalent house in most places about 6 or 7 times. An equivalent rate of pay for a major in the armed forces, on the other hand, is probably 4 times as much. Tim Keenan Noteworthy Piano Service Terrace, BC
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