You could almost buy a new car for that price - 1988's era.
Posted on 07/14/2022 11:34:44 AM PDT by Red Badger
In Wednesday's release of Consumer Price Index data June showing prices jumping 1.3 percent from May to June and 9.1 percent in the last 12 months, the Bureau of Labor Statistics noted that inflation has not been as red-hot since November of 1981.
To add some context to the four decade-high that inflation has hit, Townhall took a trip down memory lane and a look into the 1981 almanac to see what was going on the last time prices were as out of control as they are today. Here's what we found.
In 1981, the federal minimum wage was $3.35 per hour and the average national income was $10,495. The best-selling car was the Oldsmobile Cutlass and songs like "Endless Love" by Diana Ross and Lionel Richie and "9 To 5" by Dolly Parton were topping Billboard charts. Superman II was the top-grossing movie, and Americans put Dallas, The Jeffersons, and Three's Company at the top of the TV ratings.
IBM's First Personal Computer Is Released
The first PC from IBM was rolled out on August 12,1981 with an introductory price tag of $1,565 and came with 16 kilobytes of RAM and a port to allow the attachment of a cassette tape recorder.
Ronald Reagan Shot in Assassination Attempt
On March 30, 1981, Ronald Reagan is shot while departing the Washington Hilton.
Raiders of the Lost Ark Premiers
The first Indiana Jones film directed by Steven Spielberg hits theaters on June 12.
The First Space Shuttle Mission Launches
The first Space Shuttle mission launches when STS-1 flown by Columbia takes flight on April 12, returning two days later on April 14.
The Band Metallica is Formed
James Hetfield and Lars Ulrich team up to create Metallica in Los Angeles in October 1981.
Sandra Day O'Connor Nominated to the Supreme Court
President Ronald Reagan announces his nomination of O'Connor — the first woman on the highest court in the land — on July 7.
The Mario Franchise is Launched by Nintendo
Recommended The States Doing the Worst Post-Pandemic All Have One Thing in Common Matt Vespa On July 9, Mario is debuted by Nintendo in the first release of Donkey Kong.
MTV Debuts
On August 1, 1981, MTV launches at 12:01 a.m. with Warner Cable's John Lack declaring "Ladies and gentlemen, rock 'n' roll."
If you're feeling nostalgic (or confused by what a cassette tape is) then you get the idea of how long it's been since inflation was running near double-digit levels and seemingly out of control. Joe Biden was a sprightly 39-years-old then, so he should remember how much pain Americans felt until the Reagan administration took the reins of government and put the country back on the right track while reigniting patriotism and defeating the hostile Soviet Union in the Cold War.
Nostalgia Ping!..................
See a lot of good things happen due to inflation. /sarcasm
Was working at a bank at the time. The Prime Rate was above 18% for months and topped at 21%!
I think this inflation is way worse.
MAJOR BANKS CUT PRIME RATE 1/2 POINT, TO 18%
https://www.nytimes.com/1981/03/11/business/major-banks-cut-prime-rate-1-2-point-to-18.html
By Steve Lohr
March 11, 1981
You could almost buy a new car for that price - 1988's era.
It was hard to find work as a young kid at that time. I remember I worked in a warehouse, short order cook and house painter.
I’m old enough to remember all of this.
L
Who in their right mind would ever need 10MB of storage?
I remember labor unions complaining about all the electronics coming in from Japan. Those items worked for years and years. Can’t say that about Made in China crap.
Retired people on fixed incomes were reduced to abject poverty!
My financial advisor got me into Chrysler bonds on margin. Told me it was a sure bet, unless interest rates went over 20%. Luckily I had insurance policies I could borrow against at 6% to meet the margin call.
Who in their right mind needs 640K of memory?
Was slingin' wrenches in an aircraft hangar and drinking heavily. Often at the same time....
All in all a pretty bleak, miserable time. My early 20s. Little fun, lots of pain, much of it self-inflicted, if I'm honest.
This current generation of “young professionals” used to cheap bank money are in for a real punch in the nose. They have no idea what is coming. Biden is no Reagan and Janette “been” Yellen is no Paul Volker.
And Reagan cut taxes to spur an economy mired in stagflation
I was 23 and remember every bit of what was listed. I was morning radio DJ travelling all over the east coast. Dated a couple of super hotties...Renee and Kerry. Those were GREAT days for me!
Video killed the radio star.
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