Yes. what figure did you use for gasoline, it’s been all over the place here.
I used 3.35, which is what I was thinking it’s been around here. Sadly, I typoed it, with the real number being 2.35.
That makes the correct number of minutes needed to buy a gallon of gas here 5.5, which is less than it was in 55 and 75, and not that much higher than in 95.
Thanks for prompting me to check my math!
BTW, the income/minute I came up with is:
1955 .04
1975 .09
1996 .27
2015 .43
This is the most accurate way I can think of to compare prices from one period to another. Inflation calculators always vastly overstate how much prices have increased, if any, because they don’t factor in the increased median income.
Taxes and a host of other issues play into this, of course. For instance, you could figure disposable median income rather than total. It’s actually remarkably difficult to compare prices over time, apples to apples.