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The Art of the Deal
(lemmy.today)
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this post was submitted on 22 Jun 2024
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$3,000 was $7,209 in 2024 money (from 1990). $21/hr. would be $50 in 2024 money.
Stop looking at those 'inflation adjustors' and look at what you could actually buy.
Average rent per month in Los Angeles in 1990 was under $600.00/month
Today it's over $2,000.00
If he paid her five months rent today, it would be $10,000.00, not $7,000.00
Inflation has affected our country very differently in different locales. Change in cost of living is the real metric for what inflation is trying to quantify
That's why I stick with real world examples.
For example, the minimum wage in 1960 was $1.00/hour. The cost of the average home was $11,000.00