More parts for all that extra stuff (much of it required by law) == a higher price.
If we built a modern 2023 car (one with air bags, ABS, backup cameras, etc) in 1970 it may have been $6,312 instead of $3,415. The $6k price being the current average adjusted back for inflation.
I’d argue we live a much richer lifestyle than those in 1970. The bar for average today is much higher than it was 50 years ago. And in 1970 the bar was much higher than it was in 1920. And the bar in 1920 was much higher than it was in 1870.
I pulled some numbers for 1923. (my years are slightly different, I assume because I’m ignoring interest)
1923 to 1973 basically doubles. 1973 to 2023 doubles again. Was 1973 a result of wage stagnation and inflation, or were things in 1973 just that much better than stuff in 1923, and the price to produce those things reflects that.
I’m not say you’re wrong, but I think they’re more to the picture than what is being displayed here.
Like I wrote. In 1970, a good Union job could support a family of four with plenty of luxuries. A high school graduate could be instantly self supporting with a minimum wage job paying for a one bedroom apartment and a car. By you chart the years to pay off the debt went up about 75% from 1923 to 1973 and more than doubled from 1973 to 2013.
Of course some things have improved in fifty years. But technology isn’t tied to inflation.
In fact technology should have made things much cheaper. In 1970, prople expected to be able to afford the same life style working fewer hours.
More parts for all that extra stuff (much of it required by law) == a higher price.
If we built a modern 2023 car (one with air bags, ABS, backup cameras, etc) in 1970 it may have been $6,312 instead of $3,415. The $6k price being the current average adjusted back for inflation.
I’d argue we live a much richer lifestyle than those in 1970. The bar for average today is much higher than it was 50 years ago. And in 1970 the bar was much higher than it was in 1920. And the bar in 1920 was much higher than it was in 1870.
I pulled some numbers for 1923. (my years are slightly different, I assume because I’m ignoring interest)
1923 to 1973 basically doubles. 1973 to 2023 doubles again. Was 1973 a result of wage stagnation and inflation, or were things in 1973 just that much better than stuff in 1923, and the price to produce those things reflects that.
I’m not say you’re wrong, but I think they’re more to the picture than what is being displayed here.
Like I wrote. In 1970, a good Union job could support a family of four with plenty of luxuries. A high school graduate could be instantly self supporting with a minimum wage job paying for a one bedroom apartment and a car. By you chart the years to pay off the debt went up about 75% from 1923 to 1973 and more than doubled from 1973 to 2013.