From Eric Peters Autos:
I was researching some now versus then costs for a story I did recently on car prices when I stumbled onto something interesting – and revealing.
And also, worth sharing.
Find an inflation calculator; for example the Federal Government’s Bureau of Labor statistics CPI (Consumer Price Index) calculator. Select 1980 as your starting year. Enter $1.25 – about what a gallon of gas cost in 1980. Select 2011 – the most recent year the calculator allows. Click “calculate” and prepare for a surprise – one that will also provide a heretical insight into the nature of our economy as well as debunk a politically correct piece of conventional wisdom.
Wait, I’ll save you the trouble. The amount that comes up is…
