Tuesday, February 5, 2008
The Good Old Days
This picture shows an old storefront in Salem, Illinois in 1940. It is interesting to see that three pounds of Sausage costs 25 cents. Looking at these prices makes us long for the good old days. However it is interesting to note that median income in 1940 was about $515 per year, or around 25 cents per hour. So, if you worked an hour, you could buy 3 pounds of sausage. Average household income today is about $48,000 per year. In most cases there are two wage earners today, so probably the average income per person is about $24,000, or about $12 per hour. I just bought some sausage, and it was $4 per pound. So, today the average person could buy 3 pounds of sausage for one hour of work. While these numbers are pretty rough, to first order, the average person today has to work the same aount of time to buy a pound of sausage. The real question, did the average person enjoy their sausage more then or now?