Based on the inflation rate calculator recommended by Bureau of Labor Statistics (BLS), one dollar in 1974 had approximately five times the spending power of a dollar in 2014.Know More
Inflation is the steady increase in the price of consumer goods over time. As prices rise, the spending power of a unit of currency decreases. The overall rate of inflation is based on an average of all consumer good prices available at a given time and does not measure specific spending trends.
The BLS assigns a Consumer Price Index to each year. To calculate the value of a dollar in a past year, divide the CPI for that year by the current CPI. The answer is the value of one dollar in the chosen earlier year.Learn more about US History
The price of a Dodge Brothers Touring Car in 1914 was $500, and in 2014, the average price of buying an automobile is $32,086. Many other prices are exceedingly different in 2014 as compared to a century ago. In 1914, a gallon of gas was roughly 12 cents, and in 2014, the average cost of a gallon of gas is $3.44.Full Answer >
In 1956, there was a spike in the living standards of the average American, and because of that, a 1.52 percent annual inflation rate lead to a slight increase in the cost of commodities. The average yearly American salary was $4,450. Also, one in every three American pursued an undergraduate education, leading to a rise in the country's income.Full Answer >
Dollar diplomacy was a policy intended to increase American influence abroad by guaranteeing loans made by American banks to foreign countries. The policy is mostly associated with President William Taft. This policy aimed to create stability in areas of the world prone to violence and revolution.Full Answer >
The cost of a hamburger in 1970 varies as to whether it was being made at home in a private kitchen or purchased from a fast-food restaurant. A homemade burger could be had for just under 33 cents. No data exists for fast food in 1970, but in 1972, the cost of a quarter pounder was 55 cents.Full Answer >