Prior to October of 1973, inflation averaged roughly 3% per year. The value of the dollar lost half of its buying power between 1946 & 1972. But at the same time, average income quadrupled, from 3KA to 12KA. The net effect was that Americans had twice the buying power in 1972 as they did in 1946.
Prior to October of 1973, inflation averaged roughly 3% per year. The value of the dollar lost half of its buying power between 1946 & 1972. But at the same time, average income quadrupled, from 3KA to 12KA. The net effect was that Americans had twice the buying power in 1972 as they did in 1946.
