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New Rule: Stop talking old prices without mentioning present value
Frequently, people talking about important persons in history mention what the salaries in their times used to be. The problem lies when they insinuate on such a low number. Get over it and crunch some numbers. A poor man making $70 a week back in 1932 wasn’t financially poor. He was earning $1125.00 per week on our 2007 standards. That’s a comfortable $60,000 a year salary.
The best way to get this value is to use the Federal Reserve Bank of Minneapolis’ Consumer Price Index (CPI) Calculator. Plug in the numbers, and they tell you the dollar worth in present terms.
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