The truth is even more dramatic. This calculator uses the BLS CPI as its basis. The Federal government has been redefining the CPI to lessen its impact and continues to do so. I just love it when the monthly announcement of a low CPI increase is made with the footnote that it excludes food and energy. Another example of reduction adjustments is when the consumer substitutes a cheaper item because the original has become too expensive. That substitution is considered an equivalent exchange and therefore the increase in cost of the more expensive/higher quality item is not considered in the CPI calculation. Short version: the books are cooked.
Exactly. If this wre an accurate calculation, then gas would be $2.62/gal now based on my first job at a gas station in 1959 (Sunoco: $0.299/gal).
TC