So what are YOU really getting for 769 % inflation ?

[BushMaster-15]

The 1960's - 2020's = 769 % inflation and climbing ,so WHAT are YOU really getting ?. Screwed is MY take !. Why does private polls list inflation much higher than Gov. figures ,because IF corrected would show 23% or more for 2020-2023 alone !.
I disagree with the article as to buying power adjusted for inflation ,because inflation was far lower back in 50's 60's 70's 80's . MY personal income went much further and I had far more disposable income back in those days . The private sector earnings verses Gov. sector ,flipped dramatically in Mid 90's continuing into today's hyper-inflated Gov. pay ( hand ) outs and quality of employers as productivity suffered as a result of POOR management and equality diversity employment = Incompetence IMO !.

Popular gun and ammo prices* in 1960:

• Remington 700 Rifle: $129 with .308 ammo at $5.00 per 20 (.25 ea.)
• Colt AR-15 Rifle: $189 and .223 Rem ammo at $3.60 per 20 (.18 ea)
• Browning Standard Automatic Shotgun: $165 and 12-gauge shells @ $2.85 per 25 (.11 ea.)
• Smith & Wesson .38 Special: $70.00 and the .38 Special ammo @ $4.85 per 50 (.09 ea.)
• Colt 1911 .45 ACP Pistol: $66.75 and the .45 ACP ammo sold @ $5.50 per 50 (.11 ea.)

Popular gun and ammo prices* in 1970:

• Remington 700 Bolt-Action Rifle sold for $154.95 and .308 ammo @ $6.40 per 20 (.32 ea.)
• Colt AR-15 Rifle sold for $234.95 and .223 Rem ammo @ $4.50 per 20 (.22 ea.)
• Browning Shotguns were $244.50 and 12-gauge shells @ $3.50 per 25 (.14 ea.)
• Smith & Wesson .38 Special cost $95.00 and .38 Special ammo @ $6.20 per 50 (.12 ea)
• Colt 1911 .45 ACP Pistol sold for $134.95 and .45 ACP ammo @ $8.75 per 50 (.17 ea.)

https://www.wideners.com/blog/1950-vs-2020-the-price-of-guns-and-ammo/

 

[CapnMac]

This is likely to go off the THR rails pretty quickly.
What will be germane will be those "beforetime" costs in relation to cost-of-living.
As a for-instance, the FMW in 1960 was US$1/hr; in 1970, it was US$1.60--those translate as US$10.26/hr and US$7.96/hr respectively in 2023 dollars.

Average US income in 1960 was US$5200' in 1970, US$9350.
So, that $130 rifle was about 2% of average 1960 annual income. The $150 rifle was only 1.6% of average annual income.

Let's say that Rem700 is about US$1200 today; 2022 average US salary was US$55,600--working those numbers, that 700 is 2.1% of average annual salary.

Inflation skews perception. It turns what looks line apples to apples into apples to pineapples (when not apples to avocados).
Let's say your grandfather put ten hundred dollar bills in a safe in 1970, and you just now opened that safe up. In 1970 dollars, those ten c-notes represented the equal to $7895 in 1970, but are only a thousand bucks today.

Looking at it a different way, let's say Grampa bought that 700 in 1970 for $150 and left it mint in the safe until you discovered it yesterday. In your hands, it's worth around $400-600 at the pawn shop or gun store. You might get $700-800 in trade or on consignment. Still would not be enough to get one NIB. Getting US$600 at the LGS for pawpaw's $150 rifle "looks like" a 4x windfall. But, you have to ignore all the present and past values of the dollars involved to see it that way.

 

[jmr40]

I'm earning a LOT more money in 2023 than I was in 1975. Guns and most everything else is a lot cheaper relative to my income. The new truck I bought in 1985 for $12,000 should sell for $60,000 today based on my income today vs 1985. Gas should cost $6 gallon vs my 1975 income. And when you consider that a vehicle today gets at least double the fuel mileage as a vehicle from 1975 $3/gallon gas is a bargain. My 1975 truck got 6 mpg city, 11 mpg highway. My 2014 gets 16 city, 20 hwy.

The reason we have less disposable income is because we are buying things we didn't buy 50 years ago. TV was free with an antenna. No computers to buy, no internet of cable subscriptions. No $700 cell phone and no $150/month cell phone service fee. We rarely ate out.

 

[Old Dog]

The reason we have less disposable income is because we are buying things we didn't buy 50 years ago. TV was free with an antenna. No computers to buy, no internet of cable subscriptions. No $700 cell phone and no $150/month cell phone service fee. We rarely ate out.

Yes.

And also -- everyone qualifies for credit now. Interest fees are accepted, and many (most?) people who use credit cards keep balances on them. Most people are fine with making monthly installment payments on multiple credit accounts in addition to rent/mortgage, utilities, food, vehicle payments.

I'd go to the so-called "low income" neighborhoods on a regular basis as part of my job. Yet many folks who seemingly lived on welfare and other public assistance programs had Escalades in their front yards, 70" flat-screen TVs, microwave ovens, sound systems, the latest I-Phone and were all wearing the typically way-overpriced "designer" and name brand clothing and sneakers.

So there are many who don't worry about inflation. Of course, we've also got a lot of twenty-somethings and thirty-somethings who've moved back in with their parents. But folks can still be conspicuous consumers even without much of an income. Seems only the average working stiff and a lot of the middle class are forced to be responsible with their income and expenses.

A few rather complex social issues intersect with the economic issues.

Inflation skews perception.

I remain bemused by the vast difference in the perception of today's inflation by one political party as opposed to the perception of the inflation by the other party. The government's inability to be honest with the citizens keeps everyone confused, in turn, making more people reliant on the government. Which is not a good thing.

Ah, well. Pretty sure I could sell a Colt 1911 I bought for $239 in 1980 for over a grand, easy. But am I really making a profit? That $239 was about half a month's pay for an E3 back then. Last year (before I retired), I could buy a few quality firearms with a half month's pay and still have enough for the mortgage, bills and food. And some dining out.

 

[wayneinFL]

I'm earning a LOT more money in 2023 than I was in 1975. Guns and most everything else is a lot cheaper relative to my income. The new truck I bought in 1985 for $12,000 should sell for $60,000 today based on my income today vs 1985. Gas should cost $6 gallon vs my 1975 income. And when you consider that a vehicle today gets at least double the fuel mileage as a vehicle from 1975 $3/gallon gas is a bargain. My 1975 truck got 6 mpg city, 11 mpg highway. My 2014 gets 16 city, 20 hwy.

The reason we have less disposable income is because we are buying things we didn't buy 50 years ago. TV was free with an antenna. No computers to buy, no internet of cable subscriptions. No $700 cell phone and no $150/month cell phone service fee. We rarely ate out.

What were you doing in 1975, and what are you doing now, almost 50 years later?

My dad was working as a mechanic for about $100 a day in the 70s on 50% flat rate. My son went to look for a job a year ago after dad's shop shut down. He was offered $15/hr. That's more money, sure, but not enough to roll $30K of tools into somebody's shop and go to work in a shop with a $100/hr rate.

Almost every occupation is paying less than it was in the 70s, compared to the cost of living.

People in my line of work are making around $100K/ year if they're lucky. Guys at Lucent in my position in the late 90s were at $120K.

Oh, and us kids blowing our money on these cell phones. The thing we have to have to hold down a job, because nothing can ever wait until 8AM the next morning. Have to have that cell phone camping out with your kids because the boss will fire you if you're not responding on your vacation.

 

[Poper]

This is likely to go off the THR rails pretty quickly.
What will be germane will be those "beforetime" costs in relation to cost-of-living.
As a for-instance, the FMW in 1960 was US$1/hr; in 1970, it was US$1.60--those translate as US$10.26/hr and US$7.96/hr respectively in 2023 dollars.

Average US income in 1960 was US$5200' in 1970, US$9350.
So, that $130 rifle was about 2% of average 1960 annual income. The $150 rifle was only 1.6% of average annual income.

Let's say that Rem700 is about US$1200 today; 2022 average US salary was US$55,600--working those numbers, that 700 is 2.1% of average annual salary.

Inflation skews perception. It turns what looks line apples to apples into apples to pineapples (when not apples to avocados).
Let's say your grandfather put ten hundred dollar bills in a safe in 1970, and you just now opened that safe up. In 1970 dollars, those ten c-notes represented the equal to $7895 in 1970, but are only a thousand bucks today.

Looking at it a different way, let's say Grampa bought that 700 in 1970 for $150 and left it mint in the safe until you discovered it yesterday. In your hands, it's worth around $400-600 at the pawn shop or gun store. You might get $700-800 in trade or on consignment. Still would not be enough to get one NIB. Getting US$600 at the LGS for pawpaw's $150 rifle "looks like" a 4x windfall. But, you have to ignore all the present and past values of the dollars involved to see it that way.

Everything is relative.
In 1876 you could buy a new Colt SAA for a $20 gold piece. You can still buy a new Colt SAA for that same $20 gold double eagle. But, I doubt the gun dealer would take a $20 bill.

 

[armoredman]

In 1975 I was making $5 a week, but that was allowance, and a pretty darn big one for the time.
Quick nitpick about the timeline - the Colt AR-15 was not available for civilian sales until 1963, delivered January 1964, so I will assume it means 1960s, not 1960 by itself.

 

[DoubleMag]

we are buying things we didn't buy 50 years ago. TV was free with an antenna. No computers to buy, no internet of cable subscriptions. No $700 cell phone and no $150/month cell phone service fee. We rarely ate out.

Yes and don't forget the doubles & triples or worse. 2 or 3 TVs in each house. I personally have 2 phones, who only eats out once a week there's folks I know that eat out 3- 6 X a week including fast food/drive thru, and those drive thru costs have went stoopid craziee

 

[gunmechanic]

I own and run a business.Inflation is trashing my expansion plans, equipment ,trucks and input costs are out of control.I am seeing 25 to 50% and more for said things.Interest rates are going up as well as banks are not lending out money as easily.So for me the game is starting to not be any more fun!The policies of this administration is a direct cause of this in my opinion.

 

[CDW4ME]

1970 - "Colt 1911 .45 ACP Pistol sold for $134.95" and minimum wage was $1.60 hour (they had to work 84.3 hours to buy that pistol)
1970 - 45 ACP ammo @ $8.75 per 50 (.17 ea.) - case price is $170 (they had to work 106 hours to buy a case of ammo)

Nobody knows what a Colt actually sells for today because they are not in stock anywhere.
Florida minimum wage is currently $11 hour.
https://www.sportsmansoutdoorsuperstore.com/products2.cfm/ID/104507
https://www.gmansportingarms.com/product/bronze-45-acp-230gr-fmj-1000-round-case
Ruger 1911 in 45 acp is $930 (have to work 84.5 hours to buy the pistol)
PMC bronze 230 gr. FMJ is $363 thousand, .37 cents each (have to work 33 hours to buy a case of ammo)
Factoring the ammo, I'm not seeing it; if we want to nit pick that I didn't price a Colt, we saved 73 hours of labor on the ammo, easily offset price in pistol.

 

[WestKentucky]

People thought I was crazy a few years ago when I said people would do well for themselves by being heavily in debt for durable and desirable goods. I did mine in the form of a house that seemed well above what I should have bought. And then 3 years later doubled my money on that house and put the profit into a down payment on the house I’m currently in (hopefully will flip out of this one for profit again soon).

Long term investments only work well when demand remains or grows and supply is fixed or dwindling. Whether that be guns, houses, or pickups

 

[BushMaster-15]

I'm earning a LOT more money in 2023 than I was in 1975. Guns and most everything else is a lot cheaper relative to my income. The new truck I bought in 1985 for $12,000 should sell for $60,000 today based on my income today vs 1985. Gas should cost $6 gallon vs my 1975 income. And when you consider that a vehicle today gets at least double the fuel mileage as a vehicle from 1975 $3/gallon gas is a bargain. My 1975 truck got 6 mpg city, 11 mpg highway. My 2014 gets 16 city, 20 hwy.

The reason we have less disposable income is because we are buying things we didn't buy 50 years ago. TV was free with an antenna. No computers to buy, no internet of cable subscriptions. No $700 cell phone and no $150/month cell phone service fee. We rarely ate out.

NO You're NOT earning more money in 2023 ,as inflation has eaten any gain you may assume you've gotten .

Fyi : I owned a 1966 Chevy short bed pickup with a 327 V8 and running regular gas got consistently 17 miles per gal. at $0.23 per gal.
Double the mileage ?, I KNOW NOT !. I own a Crew Cab Diesel loaded ( 3 tons in truck towing 6 tons or empty it averages 14.7 Mpg. Today fuel is running $ 4.65-85 . In 2019-2020 I was paying $ 2.00 per gal . I may not be a math major but that ISN'T 9% or a 45% increase .

All things being equal MY money went much further in 1970 ,than it does today . It's a factor of total cost of living insurance is far higher today than years past . Anyone check their stockmarket portfolio from 2020-2023 , Your earnings just TANKED and Now You and I are BAILING FAILED CHINESE Calif. banks out aka The Chinese and administration's money laundering connection .

It's a vicious cycle where the $15.00 an hour burger flipper ,has actually LOST more than they gained . When they were paid $8.00 per hr. burgers were $3.50 ,Now burgers are upwards of $8.50

In 2022 a Prime example :

• The Consumer Price Index has gone up 22%
• The cost of living index is up 37%
• A barrel of oil is down -21%
• Raw coffee is up 12%
• The U.S. raw food price index is up a modest 7%

And this trend of consumer goods skyrocketing in price is not only a Big Mac trend. Other goods and services have mirrored the same trend over the last decade, including:

• Rent prices are up 40%
• Home prices have soared 107%.
• Used car prices are up 39%

So what does all of this data mean to you? Well it’s no surprise, life has become increasingly expensive. From Dec. 2020 to Dec. 2021, inflation was at a staggering 9%. And in the last year, the Big Mac sandwich is up an identical 9%. For context, a ‘healthy’ rate of inflation is generally 2-3% year-over-year.

Unfortunately, there’s nothing we can do to control inflation. So if you’re craving a Big Mac, fries and soda, you’ll now be paying between $9-12, depending on where you live.

Yet when one looks at the BIG PICTURE :

• Total credit card debt reached a record $930.6 billion by the end of last year, according to the latest credit report from TransUnion.
• As average balances tick higher, households’ finances are near their “breaking point,” a separate study by WalletHub found.

Current economic predictions are sighting 12% inflation for 2023 alone !.

 

[BushMaster-15]

People thought I was crazy a few years ago when I said people would do well for themselves by being heavily in debt for durable and desirable goods. I did mine in the form of a house that seemed well above what I should have bought. And then 3 years later doubled my money on that house and put the profit into a down payment on the house I’m currently in (hopefully will flip out of this one for profit again soon).

Long term investments only work well when demand remains or grows and supply is fixed or dwindling. Whether that be guns, houses, or pickups

Hate to burst your bubble but truthfully ,you'll be fortunate to find someone to assume your mortgage IF current lunacy continues with the clowns in charge !.

 

[BushMaster-15]

I own and run a business.Inflation is trashing my expansion plans, equipment ,trucks and input costs are out of control.I am seeing 25 to 50% and more for said things.Interest rates are going up as well as banks are not lending out money as easily.So for me the game is starting to not be any more fun!The policies of this administration is a direct cause of this in my opinion.

You and 100's of millions of the rest of us agree !.

 

[WestKentucky]

Hate to burst your bubble but truthfully ,you'll be fortunate to find someone to assume your mortgage IF current lunacy continues with the clowns in charge !.

houses in my neighborhood are up by about $100 per sq/ft in 2 years. Looking forward I would not be doing the same thing. I’m looking long term for next house. It’s getting hard to flip stuff though so we may be at the start of another recession. Either way I’m pretty well out of the game when this one sells. I want away from anything close to an HOA.

Only thing firearm wise I see any room on is basic revolvers. Market is hot and supply is down. Time to sell, but not collectibles. Just the shooters

 

[BushMaster-15]

A substantial slap of reality in the face awaits the Home Buyers Today . Don't have any idea as where any of You live or what home prices are like but it's pretty safe to say , in many areas of the Country homes are North of $500K and a great deal more in swanky neighborhoods or desirable areas .

Your total interest on a $500,000.00 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $697,544.49 in interest over the life of your loan. That’s more than what you borrowed in interest.If you instead opt for a 15-year mortgage, you’ll pay $308,945.44 in interest over the life of your loan — or less than half of the interest you’d pay on a 30-year mortgage.

Monthly payment on #30 year $3,326.51 Monthly on #15 year $4,494.14 To qualify you'll need yearly income of $100,000 Minimum

I can fully understand WHY we as a Nation have so many basement dwelling malcontents ,protesting and rebelling everything including any common sense that God gave an Idiot . Oh what a MESS this Nation has weaved for the future generation !.

As our Government has been just stellar in fixing or managing our prosperity too the Brink of Nationwide BANKRUPTCY , just makes one all tingly all over knowing DIGITAL CURRENCY is gonna plunge us into WWlll

 

[Walkalong]

Not really on topic for THR